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Workspace reports strong customer demand in Q1

14 July 2017 07:15

Workspace said it has had a very busy and successful start to the new financial year with robust demand from customers.

"We have continued to expand and upgrade our property portfolio with two exciting acquisitions and the opening of a new business centre in the quarter," said CEO Jamie Hopkins in a statement.


- Strong customer demand in the first quarter with enquiries averaging 1,055 per month (FY 2016/17: 1,060) and lettings averaging 95 per month (FY 2016/17: 99).

- Two significant acquisitions in Fitzrovia, W1 and Moorgate, EC2 adding 333,000 sq. ft. of lettable space at a total cost of £257m.

- The Record Hall, a new 58,000 sq. ft. flagship business centre in Holborn, EC1 opened in May with 50% let or under offer by the end of June 2017.

- Disposal of Uplands industrial estate in Walthamstow, E17 for £50m, 25% above the 31 March 2017 valuation.

- Final phase of the mixed-use redevelopment in Bow, E3 sold for £6m in cash and the return of a new 40,000 sq. ft. business centre.

- LTV ratio of 21% at 30 June 2017, with cash and undrawn facilities of £79m.

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Related Company: WKP

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