Workspace Group has purchased 160 Fleet Street, EC4, for £29.7m from administrators acting for the National Asset Management Agency.
The building, previously owned by Business Environment Group, was originally built in the 1920s and refurbished in 2009.
The seven-storey building has a net internal area of 54,000 sq ft, which is 43% let, with the purhcase price reflecting a net initial yield of 3.7% and a capital value of £549 per sq ft.
Workspace targeted the building owing to its ocnfiguration, which previously served as a serviced office.
Workspace chief executive Jamie Hopkins said: “I am delighted to announce this very exciting purchase of 160 Fleet Street. This acquisition continues the growth of our presence in Midtown, a key location for our customers.
“We are seeing significant customer demand, from our direct marketing capabilities and relationships with customers, for exactly this sort of space in this area. The size and configuration of the building is ideally suited to our operational model and future strategy.
“This is our fourth acquisition over the last year and continues our strategy of expanding our portfolio in key areas where we can leverage our operational platform to capture significant customer demand for our flexible and innovative business space
“We will continue to execute transactions that we believe will provide strong, long-term shareholder returns in these key areas of London.”
