StockMarketWire.com - Office investor Workspace said it had exchanged contracts for the disposal of a property in London for £14.8m.

The property at 12-13 and 14 Greville Street in Farringdon was sold at a premium of 47.5% to the 31 March 2019 valuation, with a net initial yield of 1.3% and a capital value of £1,000 per square foot.

In June 2018, planning consent was obtained for a refurbishment project to deliver 23,000 square feet of new and upgraded space at the property.

The premium to book value achieved on the sale exceeded the return anticipated from the planned refurbishment, Workspace said.

Sale proceeds would be used to fund the company's project pipeline and acquisitions, chief executive Graham Clemett said.




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