Workspace Group has agreed to acquire Stapleton House, also known as ‘The Old Dairy’, in Shoreditch, for £43.38 million.
The property provides 57,000 sq. ft. of net lettable space adjacent to Workspace’s business centre, The Frames, which opened in 2017 following a major refurbishment project.
Workspace said The Old Dairy(Stapleton House) is currently 80% let and is being acquired at a net initial yield of 4.9% and a capital value of £761 per sq. ft. The acquisition is being funded from existing facilities.
“The acquisition of The Old Dairy further strengthens our presence and broadens our offering in Shoreditch, one of the most popular areas for our customers. We see tremendous opportunity to generate long-term value by repositioning the property over time to our distinctive flexible model. I am confident that, together with The Frames, The Old Dairy will be a hub for Shoreditch’s dynamic SME scene for years to come,” said Graham Clemett, Chief Executive Officer of Workspace.