Stapleton House in Shoreditch snapped up by Workspace for more than £43m
Workspace Group said this morning has exchanged contracts to acquire Stapleton House, also known as ‘The Old Dairy’, in Shoreditch, for £43.38m.
The property, which provides around 57,000 sq f of space adjacent to Workspace’s business centre, The Frames, opened in 2017 following a major refurbishment project.
The Old Dairy is currently 80 per cent let and is being acquired at a net initial yield of 4.9 per cent and a capital value of £761 per sq. ft. The acquisition is being funded from existing facilities, the company clarified.
“The acquisition of The Old Dairy further strengthens our presence and broadens our offering in Shoreditch, one of the most popular areas for our customers,” said Graham Clemett, Chief Executive Officer of Workspace.
“We see tremendous opportunity to generate long-term value by repositioning the property over time to our distinctive flexible model,” he added.