Group strategy & goals

As London and its SMEs grow so will Workspace Group. We aim to continue to grow shareholder value and portfolio returns in advance of the sector by:

Growing rents; our average rent of £11.54 per sq ft has substantial potential to grow, and yet remain affordable for our customers;
Realising the latent value in our portfolio, targeting where intensification or change of use is possible. In the longer term, some 54% of the Group’s portfolio has such potential, whilst on a five-year basis, there are over 18 estates we are working on, and a further 16 are in the joint venture with Glebe;
Acquiring properties where we see long-term value, we continue to track a large number of potential property acquisitions in London;
Improving margins, on certain estates there is the potential to further increase rents with added service offerings.

2007/08 priorities are:

To continue to increase shareholder value in line with a target of doubling over five years.
To improve like-for-like occupancy back to 90%, and achieve real rental growth over 5% per annum.
To make at least a further £60m acquisitions in London in year, and to target up to £70m disposals at values greater than 31 March book value.
To further increase the momentum of our redevelopment and change of use activity. Progressing a five-year plan for the realised value in more of our directly held estates.
To focus on partnership initiatives with our customers that encourage sustainability.
To promote the Group's role in wider urban regeneration throughout London.