Workspace Group have purchased office space in London for £33.95m. Angel House, located 300m south of Angel tube station in EC1, provides 46,000 sq. ft of office space over five floors.
The Art-Deco building on Goswell Road is a former tobacco warehouse, and is said to be offering shorter lease lengths designed for startup SME’s who anticipate expansion and therefore benefit from short term contracts. Though currently let to 5 different tenants, the short term contracts mean that space is expected to be vacant every few years.
Following the acquisition, Workspace’s pre tax profit rose to £360m, an increase of 43%. Rental increase also rose by 15% to £57.7m between the new year and March 31.
Workspace, chief executive office, Jamie Hopkins, said, “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.”
Although only small when compared to the significant demand in office space in London, Workspace will benefit in providing much needed relief for struggling SME’s.
By: Kirsty MacGregor
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