Workspace has bought Stapleton House, also known as The Old Dairy, in Shoreditch, EC2, for £43.4m.
The deal will add 57,000 sq ft of lettable space to Workspace’s portfolio, adjacent to its business centre, The Frames, which opened in 2017.
The Old Dairy is currently 80% let and is being acquired at a net initial yield of 4.9% and a capital value of £761 per sq ft. The acquisition is being funded from existing facilities.
Chief executive Graham Clemett said: “The acquisition of The Old Dairy further strengthens our presence and broadens our offering in Shoreditch, one of the most popular areas for our customers. We see tremendous opportunity to generate long-term value by repositioning the property over time to our distinctive flexible model.
“I am confident that, together with The Frames, The Old Dairy will be a hub for Shoreditch’s dynamic SME scene for years to come.”
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