Workspace disposes of Zennor Road estate for £30m

Workspace has exchanged contracts for the disposal of Zennor Road Industrial Estate in Balham, London, for £30m.

The three-acre estate totals 67,000 square feet of net lettable space, with an average rent per square foot of £13.90. It was sold at a premium of 84% to the 31 March 2017 valuation, at a net initial yield of 2.9%.

Chief executive officer Jamie Hopkins said: "Zennor Road is the last of our industrial estates earmarked for sale and our portfolio is now entirely focused on business centres and properties which represent refurbishment or redevelopment opportunities.

"This disposal has been completed at a significant premium to book value and the proceeds will be reinvested into our extensive project pipeline and targeted acquisition opportunities that will deliver value to shareholders."