Co-working specialist sells two key London properties in £34.75m disposal deals

Real estate group Workspace has secured the sale of two London properties for a combined total of £34.75m.

Workspace, which specialises in commercial properties and co-working space across the capital, has completed the disposals securing a premium of 20 per cent on their original valuations in March.

Converted Victorian warehouse Vestry Street Studios, near Old Street, has been sold for £19.25m to an undisclosed buyer.

Comprising 23,000 sq. ft. of space, the office building was originally acquired by Workspace in 2014.

A 55,000 sq ft office building in Wood Green, Alexandra House has been sold for £15.5m and is entirely let to the London Borough of Haringey until February 2021.

Graham Clemett, interim chief executive officer of Workspace, commented: “We are delighted to have exchanged contracts to sell these two properties at a premium to their current valuations, highlighting the underlying value of our London property portfolio.

“The proceeds will be recycled into acquisitions and our refurbishment programme to deliver superior value for shareholders.”