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Workspace sells Morie Street and Castle Lane assets for £22.4m
(Sharecast News) - Real estate investment trust Workspace has completed the sale of its Morie Street asset in Wandsworth and exchanged contracts on the sale of Castle Lane in Victoria for a combined total of £22.4m. Workspace said on Thursday that the aggregate sale price was 3% below the March 2025 valuation and at a net initial yield of 4.3%.
The FTSE 250-listed group stated Morie Street was made up of 22,000 square feet of office and studio space, while Castle Lane was a 14,000 square foot office building.
Due to their size, both assets were identified as "low conviction buildings" for Workspace following a thorough review of the portfolio as part of Workspace's "Fix, Accelerate and Scale" strategy.
Chief executive Lawrence Hutchings said: "We are making good progress in delivering our strategy to fix, accelerate and scale the business, and our new conviction approach to portfolio management is a key part of our plan. These disposals are consistent with our disciplined approach to recycling capital out of smaller, non-core locations and into our conviction buildings where we can really add value to our creative and innovative SME customers and, in turn, maximise value for our shareholders."
Reporting by Iain Gilbert at Sharecast.com
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