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Workspace Continues Buying Spree With Portfolio Purchase From Chelsfield

LONDON-Workspace Group, the specialist investor in small business units, has bought a portfolio of three properties in central London from Chelsfield as it reinvests the proceeds of the sale of all of its Midlands properties.

By Graham Parker | Updated on January 07, 2002

LONDON-Workspace Group, which specialises in owning and managing multi-let properties aimed at small and medium-sized businesses, has paid Chelsfield £20.6 million ($29.7 million) for three inner-London properties.

The first property is Surrey House in Lavington Street, Southwark, London SE1. It provides 16,695 sf of office space immediately next door to Workspace’s existing Great Guildford Street business centre. The five-storey building is currently let to the Inland Revenue at £335,000 with new lease terms under negotiation. It was purchased for £5.0 million ($7.2 million).

The second property is Clerkenwell Workshops in Clerkenwell Close, London EC1, which has been acquired for £9.1 million ($13.1 million). The property comprises two multi-storey Victorian warehouse buildings totalling 69,583 sf let to 150 individual business sub-tenants. The property is let on a head-lease, which expires in 2003, at a current rent of £109,000 ($157,000) although Workspace gives it an estimated rental value of over £900,000 (1.3 million).

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