Workspace specialist sells Fitzrovia asset in £92m disposal deal

A workspace specialist has sold one of its assets in the heart of London in a multi-million pound deal.

Workspace Group has announced the exchange of contracts for the disposal of 13-17 Fitzroy Street in Fitzrovia, for a total of £92m.

The sale of the vacant property to an undisclosed buyer is at a discount of 3.2 per cent to the 31 March 2021 valuation, with a capital value of £993 per sq. ft.

Graham Clemett, chief executive officer of Workspace Group, commented: “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.”