Workspace Group has agreed to sell 13-17 Fitzroy Street, a prime office property in Fitzrovia, London for £92 million.
Workspace said the sale of the vacant property is at a discount of 3.2% to the 31 March 2021 valuation and a capital value of £993 per sq. ft.
The property currently provides 92,700 sq. ft. of net lettable space over lower ground, ground and six upper floors. It was acquired in 2017 and was fully let to Arup until June 2021, providing £4.9m of net rental income a year.
“Fitzroy Street has been a useful and secure source of income over the last four years. With Arup vacating as expected in June this year, now is the right time to sell this asset and recycle the capital into the other exciting project and acquisition opportunities we have ahead of us, which we believe will generate superior value for shareholders,” said Graham Clemett, Chief Executive Officer of Workspace.