Workspace Group has acquired two more buildings in Camden, NW1, that form part of the Centro Buildings.
The co-working office provider, which bought five Centro buildings in January for £109m, has now also purchased Centro 1 and 2 for £76.5m, a net initial yield of 4.9%.
The two freehold buildings provide 85,000 sq ft of warehouse-style offices with a large communal roof terrace and a new gym on the lower ground floor.
It is let to five tenants, including the UK headquarters of Hugo Boss and French Connection, at a passing rent of £53.70 per sq ft with an average unexpired lease term of 8.7 years.
There is also 12,000 sq ft of recently refubished vacant space.
Workspace now owns all seven buildings that comprise the Centro estate, totalling 216,000 sq ft of net lettable space.
The group said it planned to reposition the estate over the medium term.
Jamie Hopkins, chief executive at Workspace, said: “This strategic purchase allows us to consolidate our presence in Camden.
“It provides an exciting opportunity for our offer to this vibrant and dynamic area of London as we continue to grow the business through selective acquisitions and delivery of our extensive refurbishment and redevelopment pipeline.”
Michael Elliott acted for Workspace on the acquisition.
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