Workspace’s results for the year ending 31 March show a NAV per share of £7.03, a rise of 42% over the course of the year, and double the FTSE 250 sector average.
The company’s profit before tax rose by 43% to £360m, up from £252.5m in 2014.
Workspace’s property portfolio rose in value by £328m in year to reach £1.4bn.
Returns were driven by the company’s redevelopment and refurbishment plans and reflected high demand from new businesses, the company said.
Total net rental income rose by 15% to £57.7m, up from £50.3m in 2014.
The company has also announced its acquisition of Angel House, EC1, (pictured) for £33.9m, reflecting a yield of 3.7%.
The 46,000 sq ft former tobacco warehouse is fully let to five customers with an average unexpired lease term of five years and three years to breaks.
Jamie Hopkins, chief executive of Workspace, said: “London’s economy continues to thrive, boosted by the contribution from its new and growing companies, and we don’t see that momentum slowing any time soon. Given this context, with the company in a strong financial position and with customers becoming increasingly aware of our brand and unique proposition, I see significant potential for further growth across the business.”
Knight Frank represented Workspace. The Vendor, the Marquess of Salisbury, was represented by Allsop and Richard Susskind.
