Refurbished Farringdon properties sell for £14.75m in Workspace disposal deal

A workspace provider has disposed of two of its London properties in a deal worth £14.75m.

Workspace Group has sold two properties on Greville Street in Farringdon in a disposal deal worth £14.75m.

Located at 12-13 and 14 Greville Street, the sale of the buildings has achieved a premium of £4.75m to its valuation on 31 March 2019.

The deal represents a net initial yield of 1.3 per cent for the firm, with a capital value of £1,000 per sq ft.

Planning consent was obtained in June 2018 for a refurbishment of the properties, with the aim of delivering 23,000 sq ft of upgraded space.

The sale of the now refurbished properties has achieved a higher return than initially anticipated by the company.

Graham Clemett, CEO of Workspace, commented: “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.”