Workspace sells London offices at net initial yield of 3.1pc

Serviced office provider Workspace Group has sold one of its outer London business parks for a 75% premium to its book value.

Workspace Group has exchanged and completed the sale of the Uplands Business Park in Waltham Forest, Walthamstow for £50.0m.

The FTSE 250 group said the 11-acre industrial estate totals was sold at a premium of £21.5m to its September 2016 valuation at a net initial yield of 3.1%.

Chief executive Jamie Hopkins said Uplands was one of the last two remaining industrial properties in the 'like-for-like portfolio' which had been earmarked for disposal or redevelopment.

"We have picked our time in the market and this sale, completed at a considerable premium, is a clear demonstration of our ability to drive value from our assets. The proceeds from the sale of Uplands will be reinvested into our active refurbishment pipeline or into acquisition opportunities to deliver superior returns for shareholders."

Uplands had 290,000 square feet of net lettable light industrial, workshop and office space with an average rent per sq ft of £5.70.