Workspace hails ‘opportunities’

Workspace has signalled a “wide range of opportunities” at its interim results meeting where it posted pre-tax profits of £18m, up from a £39.3m loss of the same period in 2009. Net rental income rose 4.1 percent to £22.9m and underlying property valuation rose 2.0 percent to £732m over the period.

Tony Hales, non-executive chairman, said the company’s initiatives to add value from regeneration and redevelopment activity were progressing well, with more than 150 acres of freehold land in London.“We are already realising excellent returns from a number of these opportunities with more substantial uplifts in value and returns possible as the residential development market in London recovers,” he said.

Harry Platt, chief executive, said Workspace continued to benefit from the recovery in the capital’s economy. “With over 20 lettings a week, Workspace’s occupancy has been growing for the last 18 months, while pricing has been firm for the last six months. We remain focused on both improving our operating metrics, and on realising value from the undoubted potential in our portfolio.”