Workspace makes two acquisitions for £24.4m

Workspace has exchanged contracts for two separate acquisitions for a total of £24.4m.

The first is for the acquisition of Alexandra House in Wood Green, North London, for £14m. Alexandra House is a 55,000 sq. ft. office building, currently let entirely to the London Borough of Haringey at a low passing rent of £10 per sq. ft., reflecting a capital value of £255 per sq. ft. and a net initial yield of 3.7%.

A rent review is due in February 2016 and the lease expires in 2021.

The second is for Cannon Wharf, which is a brand new business centre in Surrey Quays, South East London, for £10.4m, reflecting a capital value of £310 per sq. ft. The newly built 33,500 sq. ft. centre forms part of the Greenland Place development by Barratt Homes and Workspace said its design is well suited to the company’s customers.

Chief executive officer Jamie Hopkins said: “We are delighted to announce these two acquisitions, which are both in very exciting areas of London with excellent regeneration and growth opportunities. Both Wood Green and Surrey Quays are areas we know well and in which we are seeing high demand from new and growing companies.”