Workspace sells ex-Arup office in Fitzrovia
By Josh White
Date: Tuesday 21 Sep 2021
(Sharecast News) - Workspace Group announced the exchange of contracts for the disposal of 13-17 Fitzroy Street in Fitzrovia on Tuesday, for a total of £92m.
The FTSE 250 company said the sale of the vacant property was at a discount of 3.2% to the 31 March valuation, and a capital value of £993 per square foot.
It said the property currently provides 92,700 square feet of net lettable space over the lower ground, ground and six upper floors.
The firm acquired it in 2017, and fully let it to Arup until June of this year, providing £4.9m of net rental income per annum.
"Fitzroy Street has been a useful and secure source of income over the last four years," said chief executive officer Graham Clemett.
"With Arup vacating as expected in June this year, now is the right time to sell this asset and recycle the capital into the other exciting project and acquisition opportunities we have ahead of us, which we believe will generate superior value for shareholders."
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10 Lower Thames St,
London EC3R 6EN