Workspace Group PLC
13 August 2004
WORKSPACE STRENGTHENS LONDON PORTFOLIO
WITH £16 MILLION SOUTHBANK ACQUISITION
Workspace Group PLC ('Workspace'), the leading provider of flexible business
accommodation to small and medium sized enterprises ('SMEs') in London and the
South East today announces that it has acquired Southbank House, a 80,000 sq. ft
(gross) business centre in London, SE1 for £16 million.
Workspace has acquired the property from Business Environment Group, a private
operator of serviced business centres in England. Southbank House is located in
the heart of Vauxhall, London, SE1, behind Albert Embankment and close to
Waterloo station. It has 212 lettable units and benefits from thirty car parking
spaces. The accommodation is let on short-term licences to SME customers with
the benefit of additional services such as telephones, secretarial support and
On acquisition, Southbank House has an initial annual income of £1.25 million.
Workspace is confident that with its style of intensive management, there is
scope to improve the current occupancy level which, in turn, will boost the
rental income derived from the property.
Harry Platt, Workspace Chief Executive commented,
' This is an excellent acquisition for Workspace. We have been tracking this
particular property for some time. Vauxhall is a great location for SMEs who
want to be located close to the heart of London. We know Southbank House well
and we are confident that it will complement our other properties in the area.
With Southbank House as part of our portfolio, we can further increase the range
and style of accommodation that we can offer to our customers.
' Looking to the future, we have targeted further acquisitions and I look
forward to reporting further progress shortly.'
Date: 13 August 2004
For further information:
Workspace Group PLC City Profile Group
Harry Platt, Chief Executive Simon Courtenay
Mark Taylor, Finance Director 020-7448-3244
This information is provided by RNS
The company news service from the London Stock Exchange