In Harlow, Essex, Workspace has bought the Harlow Enterprise Centre, Burnt Mill Industrial Estate, from Norchester Estates or £3.6 million ($5 million). The 51,851 sf site provides 28 light industrial units generating an annual income of £344,325 ($478,611).
The Redbridge Enterprise Centre in Ilford, East London, was also bought from Norchester for £1.5 million. The 20,080 sf business centre comprises 20 light industrial units of 1,004 sf each. The estate generates an annual income of £146,400 ($203,500).
Parma House, Wood Green, London N22, was bought at auction from Hallway Properties for £1.6 million. The 36,509 sf property willproduce a yield of 12% when the vacant space is let.
At the same time contracts have been exchanged to acquire Quality Court off Chancery Lane, London WC2 from City & Estates for £4.2 million. The 24,102 sf Grade II listed building is shortly to be vacated by the London School of Economics and has planning consent for refurbishment and extension to provide 21,825 sf of office accommodation. Refurbishment works will start in July, and the space will be available for occupation in mid 2002.
Workspace's Chief Executive, Harry Platt, said: 'We are planning to double our South East portfolio over the coming years. Workspace is taking a stake in the South East's SME sector expansion. The market is very fragmented and offers us huge opportunities to grow. We are keen to reinforce our dominant position as the South East's leading provider of space to SMEs.'
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