Workspace Group, the provider of space to new and growing companies, has revealed strong performance for the quarter to 31 December.
Total rent roll rose £3.1m (5.1%) in the quarter to £64.4m and up £6.1m (10.5%) over the nine months from 31 March 2014. Like-for-like rent roll was up £2.6m (6.2%) in the quarter to £44.7m and up by £5.2m (13.2%) from 31 March 2014.
Like-for-like occupancy stood at 92.6%, up from 90.6% on the previous quarter, and 91.4% at 31 March 2014. Average rents rose 4.5% in the quarter to £17.76 and up 11.9% over the nine months from the end of March.
During the quarter, the group completed the refurbishment at Metal Box Factory, SE1, and Bounds Green, N11, delivering 122,000 sq.ft of new and upgraded space. The group also completed a share placing in November 2014 raising gross proceeds of £96.5m at £6.60 a share.
Workspace also made three acquisitions totaling £61m, with 160 Fleet Street, EC1, acquired in November 2014 for £30m and Edinburgh House, SE11, (£25m) and Peer House, WC1, (£6m) completing in this month.
Jamie Hopkins, chief executive of Workspace said: “This was another good quarter of rental growth, with continued strong demand for space at our properties from a diverse range of new and growing companies across London. I am also pleased to report that following our successful equity placing in November, we have expanded our property footprint with the acquisition of three buildings in attractive locations in Midtown and on the South Bank.
“In addition we continue to advance our planned refurbishment and redevelopment projects which will provide a significant amount of new and upgraded space for our customers and create further value for our shareholders.”
Workspace shares were down 0.02% 791.38p in early trading.
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