London-listed flexible office provider Workspace Group PLC has completed further asset disposals in line with its conviction-led portfolio strategy, selling two properties in Wandsworth and Victoria for a combined £22.4 million.
The company confirmed that it has exchanged and completed on the sale of Morie Street in Wandsworth, alongside exchanging contracts for the disposal of Castle Lane in Victoria.
The transactions reflect a net initial yield of 4.3% and are priced 3% below the March 2025 valuation.
Morie Street comprises 22,000 sq ft of office and studio space, while Castle Lane provides 14,000 sq ft of office accommodation. Workspace said both assets had been classified as “low conviction” buildings under its ongoing “Fix, Accelerate and Scale” strategy, following a portfolio review.
Chief Executive Officer Lawrence Hutchings said the disposals highlighted the group’s disciplined approach to portfolio management.
“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,” he commented.
The latest disposals form part of its wider capital recycling strategy, aimed at strengthening its portfolio of high-conviction assets across the capital.
