The leading co-work space provider has exchanged contracts for the purchase of five of the Centro Buildings in Camden, London NW1.
The site, comprising five multi-let freehold buildings, is close to Camden High Street and within walking distance of Mornington Crescent and Camden Town Underground stations, Camden Road Overground station and King's Cross St Pancras.
A former furniture depository, the buildings have been converted to provide high quality office accommodation but retain attractive warehouse design features.
The acquisition includes Centro Blocks 3, 4 and 5, as well as Atelier House and Selous House. It provides 131,000 sq ft of net lettable space and the property is currently occupied by 16 customers, with a passing average rent of £44.70 per sq ft, with 21,000 sq ft currently vacant and undergoing refurbishment.
Jamie Hopkins, CEO of Workspace Group, said: "We are delighted to have acquired this property in Camden. It is an exciting, dynamic area that Workspace has watched for some time and the Centro Buildings are ideally suited to our model, providing scale, unique design features and efficient floor plates.
“With the structural shift in the market continuing to move towards a customer-first and flexible approach, I believe Workspace is well positioned. We look forward to continuing to grow the business through selective acquisitions combined with our extensive pipeline of refurbishment and redevelopment projects."
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