Tonex deal contributes towards good quarterly results for Workspace

Workspace, a provider of flexible workspace, announced its quarterly results recently and said that a combination of consistent demand and low interest charges ensured that first-quarter pre-tax profits went from £1.56m to £1.81m.
The company which provides small and growing businesses within London, the South East and the Midlands with Workspace acquired the £81m Tonex portfolio in July which consists of properties in London and the South East.

Alan Porter, chairman, said: "The Tonex acquisition provides considerable scope for growth. Whilst completing this deal, we maintained our focus on day-to-day issues such as increasing occupancy and where possible moving rents ahead. Given that we have only controlled the Tonex portfolio for a few weeks, we are delighted with progress to date".

With increased property growth and the continued increase in demand for rental buildings Mr Porter believed that: "Growth is strong and the market active. Looking to the future, I believe that our growth prospects are excellent".

Julie Crisp