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Workspace has sold off a Walthamstow business park in an eight-figure deal

London-headquartered Workspace Group has announced the exchange and completion of contracts for its disposal of Uplands Business Park in Walthamstow.

The deal, which values the East London business park at £50m, will see the unnamed purchaser acquire the 11 acre industrial estate which encompasses 290,000 sq ft of lettable space.

According to Workspace the sale represents a 75% premium on the September 2016 valuation of the asset at an initial net yield of 3.1%.

Following confirmation of the deal, Chief Executive Officer at Workspace, Jamie Hopkins, said that the proceeds from the sale would be reinvested into its current refurb projects and would fund future acquisitions from the business.

He commented: “The Uplands industrial estate is one of the last two remaining industrial properties in our like-for-like portfolio which had been earmarked for disposal or redevelopment.

“We have picked our time in the market and this sale, completed at a considerable premium, is a clear demonstration of our ability to drive value from our assets.

“The proceeds from the sale of Uplands will be reinvested into our active refurbishment pipeline or into acquisition opportunities to deliver superior returns for shareholders.”

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