News | Commercial Central London Investment

Allsop acts for Workspace Group in £98.5m acquisition of Arup’s 13-17 Fitzroy Street

Allsop’s leading West End Investment team acted on behalf of Workspace Group in its acquisition of 13-17 Fitzroy Street, announced last week. Workspace Group has signed an option agreement for the right to acquire the freehold for £98.5m, from Arup, the owner and occupier of the office building in Fitzrovia, London W1. The option is expected to be exercised on 25 March 2017.

The building is located in a sought-after location, boasting excellent transport links with Goodge Street station on the Northern Line within a short walking distance. It is also situated near vibrant Charlotte Street, renowned for being home to a number of media and creative companies and on the doorstep of some of Fitzrovia’s best bars, cafes and restaurants.

Workspace will be acquiring the building at a capital value of £1,063 per sq. ft. with an initial net yield of 4.6%.

The 92,700 sq. ft. building is let to Arup until September 2022 at an annual rent of £4.9m (£53 per sq. ft.), rising to £6.0m (£65 per sq. ft.) from March 2021.  Arup will be relocating from the building with the lease providing for their early exit from September 2020 with a rolling nine-month break option. Workspace will then look to reposition the building as a multi-let business centre.

Piers Glover, Partner, Commercial West End Investment at Allsop, said: “13-17 Fitzroy Street is a prime West End office building situated in one of London’s most vibrant ‘villages’; the size of the building & its future potential means it is ideally suited to Workspace’s flexible office space business model, making the acquisition very exciting for Workspace. The deal underpins the confidence of domestic capital in London & the West End real estate market.”


Notes to editor

Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house.  Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.

For details visit www.allsop.co.uk


Related Insights

Five things to consider when your new rates bill arrives
Blog 11/04/24

Five things to consider when your new rates bill arrives

Lease Advisory | Occupier

Five things to consider when your new rates bill arrives

Allsop raises £238m in auctions in first quarter following £55.8m March residential sale
Blog 02/04/24

Allsop raises £238m in auctions in first quarter following £55.8m March residential sale

Auction | Buying at Auction

Allsop, a leading property consultancy and the UK’s largest property auction house, has raised £55.8 million through the sale...

 Allsop promotes 19, including three new partners
News 01/04/24

Allsop promotes 19, including three new partners

Careers

We are delighted to announce 19 promotions drawn from across our business, including three new partners, effective from 1st A...

Permitted Development - What's your Exit?
Blog 26/03/24

Permitted Development - What's your Exit?

Residential Investment | Permitted Development

In 2013 legislation was passed that allowed offices to be converted into residential dwellings without the need for, what can...