Workspace Group has seen a 15% rise in pretax profits to £3.6m, in the six months to 30 September 1999. Turnover increased by 16.8% to £12.8m in the same period, according to its interim results out today.
Chief executive Harry Platt believes the company’s £81m acquisition of the 185,800 sq m (2m sq ft) Tonex Portfolio, comprising 23 estates, has helped to consolidate Workspace’s position as ‘the leading provider of business space for SMEs in London.’
The rent roll also increased to £25.1m from £17.4m – up 45%, which includes income from Tonex. Occupancy of the core portfolio, excluding development/major refurbishment schemes. remained steady at 91.8%
Meanwhile, Sainsbury’s took a prelet on 19,137 sq m (109,123 sq ft) at £2m pa at Workspace’s scheme at 1 Union St, SE1. Platt said: “The Sainsbury’s prelet in Southwark, demonstrates the alternative use potential in some of our properties. The building was earmarked for development as a business centre for SMEs. However, it offered better returns let to a single occupier. The deal significantly enhances the value of the building.”
EGi News 16/11/99
