Savills advises Workspace on disposal of Uplands Business Park

18 May 2017

Workspace Group PLC (Workspace) has announced the simultaneous exchange and completion of contracts for the disposal of Uplands Business Park in Walthamstow, E17, for £50.0m. Savills advised Workspace on the disposal.

This 11 acre industrial estate totals 290,000 sq. ft. of net lettable space with an average rent per sq. ft. of £5.70. The property was sold at a premium of 75% (£21.5m) to the September 2016 valuation at a net initial yield of 3.1%.

Jamie Hopkins, Chief Executive Officer of Workspace, 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."

Oliver Fursdon, Director in the London Commercial Development team, added:“We saw very strong interest in Uplands from a range of parties. This reflected the attractive combination of industrial income, medium term strategic redevelopment potential, and proximity to the Tottenham Hale regeneration story.”

 
 

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Key Contacts

Oliver Fursdon

Oliver Fursdon

Director
Development

Savills Margaret Street

+44 (0) 20 7409 5900

 

Richard Merryweather

Richard Merryweather

Executive Director
UK Investment

Savills Margaret Street

+44 (0) 20 7409 8838