Serviced office space supplier Workspace have announced their commitment to deliver numerous new offices over the next three years. The office space provider offers both serviced and coworking office spaces and they have said they’ll provide another 1m square foot of office and coworking space in the coming years.
It is thought that funding for this expansion will come from future property sales. They have plans to sell residential properties throughout Wandsworth, Croydon and Southall for around £20m. They are currently on the lookout for office space; researching options throughout central London which they say has most of its demand.
Jamie Hopkins, Workspace Chief Executive, talked about their property sale in Croydon, advising they’ll receive the £8million in proceeds as soon as the transaction is completed.
At the end of the financial year, 2016-2017 Workspace told of a 3.3% increase in NAV (Net Asset Value - £9.53 per share). The rental income over the same period increased by 6.9% to £79.2m.
PropertyWeek recently reported that 2017 saw a decrease in the firms before tax profit, with 2017 being £88.8m and 2016 being £391m. It is thought that this fall is due to the decrease in their portfolio. However, their revenue over the same two years went from just over £101m to £108.8m.
Jamie released a statement to say that they are happy with the current Workspace strategy and feel it is working. They have seen several industries make use of their office space throughout London. The plan is to continue this with all businesses getting the chance to let highly serviced offices on flexible terms and with office space that meets their personal needs.
He went on to say that Workspace has had a year of progression and are happy to see the trend towards people working more flexibility continuing. They hope to see the same level of customer enquiries and office lettings continue through the next financial year. He carried on to say that research into flexible office spaces and current trends show that people will continue to adapt the way they work, making Workspaces flexible office space offerings the perfect product.