Workspace Group PLC Acquires Vestry Street Studios, Old Street
Workspace Group PLC ("Workspace"), London's leading provider of space to new and growing companies, is pleased to announce the acquisition of Vestry Street Studios, Vestry Street, London, N1 for £12.55m.
Vestry Street Studios is a traditional Shoreditch warehouse of 23,000 sq. ft. popular with technology and media sector customers and close to Old Street roundabout. The property, which is 100% let, is being acquired at a net initial yield of 4.1%, off a low average rent of £23 per sq. ft. where we see significant potential to drive rental growth. Workspace now owns and manages some 150,000 sq. ft of space in and around Old Street and Shoreditch.
Jamie Hopkins, Chief Executive Officer of Workspace, commented:
"We continue to see considerable demand from the businesses that cluster around Old Street roundabout, and Vestry Street Studios is perfectly located to benefit from this hotbed of activity.
"This acquisition continues our strategy of expanding our portfolio in areas where we can leverage our operational platform to capture the significant customer demand for our flexible and innovative business space. We will continue to execute transactions that we believe will provide strong, long-term shareholder returns in these key areas of London."