Member Article

Workspace Group expands portfolio with acquisition of Angel House

Workspace Group, a London-based provider of space for new and growing companies, has acquired Angel House, EC1 for £33.95m.

The Art-Deco building is well located 300 metres south of Angel tube station, one stop from Old Street and King’s Cross St Pancras stations with six other Workspace buildings nearby.

This former tobacco warehouse with good floor to ceiling height and natural light on all elevations extends to five floors providing 46,000 sq. ft. of net lettable space.

It is currently fully let to five customers with an average unexpired lease term of five years and three years to breaks.

The building is being acquired at a capital value of £738 per sq. ft. off a low average passing rent of £29 per sq. ft.

The net initial yield is 3.7% with excellent potential to reposition the building and capture significant rental uplifts in due course.

Jamie Hopkins, chief executive officer of Workspace commented: “Angel House is a striking building with many of the qualities that our customers value. The property’s location, distinctive architecture and scale provide all the right ingredients for a successful Workspace business centre.

“This acquisition reinforces our commitment to investing in vibrant locations in London where we see strong demand from new and growing companies.”

This was posted in Bdaily's Members' News section by Ellen Forster .