LONDON (ShareCast) - (Sharecast News) - Workspace Group said it was selling a property in London's Farringdon district for £14.75m at a premium of 47.5% (£4.75m) to a March 31 valuation, a net initial yield of 1.3% and capital value of £1,000 per sq ft.
In June 2018 planning consent was obtained for a refurbishment project to deliver 23,000 sq. ft. of new and upgraded space. The premium to book value achieved on the sale exceeds the return anticipated from the planned upgrade, the company said on Friday.

"We are delighted with the premium achieved on this disposal, well ahead of the return we could have achieved from our planned redevelopment. The proceeds will be used to fund our project pipeline and acquisitions," said chief executive Graham Clemett.

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