Workspace to buy Centro Buildings in Camden

Workspace has exchanged contracts to buy five of the Centro Buildings in Camden, London, for £109m.

The property, which comprises five multi-let freehold buildings, is located 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 office accommodation but "retain attractive warehouse design features".

The acquisition will include 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.

Chief executive officer Jamie Hopkins 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."

At 0820 GMT, the shares were up 0.4% to 989p.