Westbourne Studios comprises a mix of 95 small studio, office and workshop units in two blocks wrapped around the A40 Westway--one of the main routes westward from central London. It also has a 6,000-sf covered central courtyard for events and functions. The complex also features a screening room/preview theatre and cafe/restaurant. Workspace said the Ladbroke Grove area is becoming a centre for media and creative industries and is also benefiting from the major regeneration initiatives at nearby Paddington basin and White City.
Occupancy is currently running at 76%, generating annual rental income of £864,000, which represents an initial yield of 7%. This will rise as occupancy improves, and 20% of the vacant space is currently under offer.
Workspace Chief Executive Harry Platt said: 'We are keen to target properties like this in West London. Westbourne Studios is well located with an imaginative building design and configuration that appeals to media and creative industry tenants. This sector is an important part of the capital's economy. The creative industries in London contribute over £26 billion to the London economy and employ 12% of its working population.'
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