Workspace Group has continued its investment focus on London with the purchase of three properties for £18.1m.
The property company, headed by Harry Platt, today announced the three acquisitions alongside the sale of the 203,000 sq ft (18,859 sq m) Park Avenue Industrial Estate in Luton for £12.1m.
The three properties are: the 51,000 sq ft (4,873 sq m) T Marchant Trading Estate, Bermondsey, for £6.05 at a yield of 5% ; the 48,100 sq ft (4,468 sq m) Spectrum House in Kentish Town. The 22-unit business centre was acquired for £8.85m, reflecting a yield of 6.25%; and a 20,300 sq ft (1,885 sq m) office in Seven Sisters, which was bought for £3.2m, reflecting a yield of 5.9%.
Platt said: ‘These deals represent further progress in our strategy of selling assets outside of London and reinvesting the proceeds within our core market in the Greater London area.
The Luton estate has made useful returns for shareholders, but we believe that London offers better prospects for rental and capital value growth. I am confident that the three new acquisitions will respond well to our style of intensive management, as well as offering long term development potential.”