Member Article

Workspace Group has acquired a Grade II listed property in Finsbury Circus for £158m

Flexible office provider Workspace Group has announced it has acquired Salisbury House in Finsbury Circus for £158.7m.

The Grade-II listed building, located at 28-31 Finsbury Circus, sits in the heart of the City of London within walking distance of both Liverpool Street and Bank, as well as the new Crossrail station at Moorgate.

Workspace has said the transaction for the 240,000 sq ft building will be funded by the group’s existing cash resources along with a further £100m of five-year revolver facilities by its lending syndicate.

The building, which is held on a long leasehold from the City of London Corporation, boasts an Edwardian facade along with four entrances, and is currently 90% occupied with 105 customers.

Jamie Hopkins, Chief Executive Officer, said: “This is a property we have tracked for some time and we are delighted to add it to our portfolio. The City has become an increasingly attractive area for our customers, and this well-located building is ideally suited to our operational model.

“The transaction emphasises our commitment to expand further through targeted acquisitions, adding to our existing pipeline of refurbishment and redevelopment projects, to deliver superior value and returns to shareholders over the long-term.”