Workspace Group PLC (LSE:WKP), London’s largest provider of flexible office space, announced Thursday that it has agreed to sell two lower-conviction assets for a combined £11.8 million.
The transaction aligns with the September 2025 valuation and reflects a net initial yield of 5.7%.
The properties being divested are Peer House, a 10,000 sq. ft. office building near Gray’s Inn Road, and Blocks A and B at Parkhall Business Centre in Dulwich, which total 23,000 sq. ft. of light industrial and office accommodation.
Workspace will continue to own the remaining portion of Parkhall Business Centre—comprising 99,000 sq. ft. of office, studio, and workshop space—which it classifies as a conviction asset under the portfolio strategy it introduced in June.
With this latest transaction, the company has now exchanged or completed £106 million of low-conviction asset sales, moving it closer to its two-year goal of realising £200 million from such disposals.
Chief Executive Officer Lawrence Hutchings said: “Today’s disposals are another disciplined step towards optimizing our portfolio through our conviction-led approach. Recycling capital out of lower-conviction assets sharpens our focus on the buildings where customer demand and returns are strongest.”
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