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Workspace Expands in South London

LONDON-Workspace Group has spent pounds 19 million ($32 million) on increasing its portfolio of industrial estates in the Greater London area. The acquisitions include a portfolio of seven estates bought from the London Borough of Lambeth.

By Graham Parker | Updated on October 08, 2003

LONDON-Workspace Group, the quoted property company that specialises in providing space for small and medium-sized businesses in London and the South East, has spent £19 million ($32 million) to buy eight more industrial estates in south London.

In the biggest deal, it has bought a portfolio of seven industrial estates from the London Borough of Lambeth for £15.53 million ($26 million). The Lambeth portfolio comprises 152,000 sf in 82 units, with a current occupancy level of 83%. The current rental income is £1.056 million ($1.75 million) representing an average rent of £8.37 ($14) per sf. The initial yield on the portfolio is 6.8%.

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