Workspace claims 'strong' start to new financial year

Workspace Group saw “strong” customer demand in its first quarter, it reported on Friday, with enquiries averaging 1,055 per month - slightly down on the 1,060 per month average during the 2017 financial year - with lettings averaging 95 per month, down from the full-year average of 99.

The FTSE 250 firm made two significant acquisitions in Fitzrovia, W1 and Moorgate, EC2 adding 333,000 square feet of lettable space at a total cost of £257m, and the Record Hall - a new 58,000 square foot flagship business centre in Holborn, EC1 opened in May with 50% let or under offer by the end of June 2017.

It said the disposal of the Uplands industrial estate in Walthamstow, E17 netted £50m during the quarter, 25% above the 31 March 2017 valuation, and the final phase of the mixed-use redevelopment in Bow, E3 sold for £6m in cash and the return of a new 40,000 square foot business centre.

Workspace’s loan-to-value ratio stood at 21% at 30 June 2017, with cash and undrawn facilities of £79m.

“Workspace has had a very busy and successful start to the new financial year with robust demand from customers confirming the attractiveness of our flexible offer to an increasingly wide range of businesses,” said chief executive Jamie Hopkins.

“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.”