Workspace offloads Newbury medical centre for £7.25m

Flexible office space provider Workspace Group has disposed of a medical centre in Newbury for a total of £7.25m.

Workspace said on Tuesday that the medical centre, an asset acquired as part of the McKay portfolio in May, was being sold at a premium of £1.15m to its March valuation.

Chief executive Graham Clemett said: "We are pleased to have completed on this first sale from the identified non-core assets in the McKay portfolio.

"We continue to progress with our disposal programme, targeting completion by December 2022, with the proceeds expected to significantly reduce our LTV and increase the proportion of fixed-rate debt."

Reporting by Iain Gilbert at Sharecast.com