Workspace Group has seen a 14.9% rise in pre-tax profits to £1.56m for the first quarter of the year ending June 30. Turnover is up by 14.3% to £5.45m in the same period.
Alan Porter, chairman of the small business specialist, said demand is still high for accommodation and the company is seeing results from its rent review programme in line with its “best expectations”. He reports that occupancy levels are rising and three developments – in London at Three Mills, Stratford, and Kingsland Viaduct, Hackney, and at Tipton in the West Midlands – are nearing completion.
Porter added that the group will pursue its policy of improving its investment portfolio “by selling laggards and reinvesting in properties with better prospects”.
Its largest acquisition during the quarter was 1 – 10 Union Street, Southwark, London, SE1, which was acquired with vacant possession for refurbishment as a business centre. He hopes the deal will take advantage of Workspace’s local presence through an existing centre at Leathermarket and from the recently sold Southwark Bridge Office Village.
Workspace’s net asset value per share is up from £5.23 to £5.31.
EGi News 10/08/98
