1 workspace group plc presentation to london first on friday 30 june 2006 james friedenthal,...
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Workspace Group PLC
Presentation to London FirstOn Friday 30 June 2006
James Friedenthal, Commercial Manager
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Workspace Group PLC
To achieve profit and capital growth from:
• Providing workspace to SMEs in London
• Investing in properties with potential- Income growth- Capital growth- Alternative use
• Increasing scale of portfolio, spreading overheads and developing the brand
• The right financial platform
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Workspace Group PLC
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July 1987 Founded for industrial portfolio
Buy out from GLC Residuary Body
17 properties acquired
Initial £16.7m raised (equity & debt)
Dec 1993 Listing on LSE (£13.9m placement)
July 1999 Major portfolio acquisition £80m – financed by debt
Now Portfolio value: £964m
105 properties, FTSE 250
Workspace History
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• Flexible, affordable, workspace to let throughout London
• We are London’s leading space provider to SMEs
• We own and manage over 100 business centres in London with 4,000 customers
• We buy estates and extract value by refurbishing, re-using or extending
• A core value is to be the first point of contact
• We are customer focused throughout and consider sustainability of high importance
Our Business
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London, our marketplace
London is a global city
London is a growing city
Centre of finance – commerce – culture – knowledge – creativity – power and
influence
London’s population likely to grow by
800,000 to 8.1m by 2016
The working population will rise by 516,000
Net internal migration continues to run at
about 100,000 a year
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London, our marketplace
London is theSME incubator
1.07m employ 1 - 20 people
30% of these are in London and SE
85% of those businesses with employees in London have less than 10 employees
In 2005, London accounted for 22% (87k) of all new business starts in the England and
Wales
London has the highest concentration of the fastest-growing and most productive
business sectors in the UK
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• Flexible
• Affordable
• Work space
• To let through out London
Our Core Product
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Flexible, affordable, workspace
• Short flexible lease
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Flexible, affordable, workspace
• Large properties offering small space• Provide affordable space in accessible locations
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Flexible, affordable,workspace
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Kennington Park, SW9
Light Industrial
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Parma House, N22
Workshops
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Europa Studios, NW10
Studios
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The Leathermarket, SE1
Offices
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Serviced Offices
Southbank House, SE1
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Often Properties of Character
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New Development
Clerkenwell Workshops, EC1
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Customer Profile
Median % of median
turnover Year of start 1996 —
Turnover £250,000 —
Overheads £90,000 36
Profits £40,000 16
Rent £12,000 4.8
Typical Workspace tenant*:
Rent under 5% of turnover
Average rents at 31 March 2006: £9.58 per sq. ft
Average customer in say 1,100 sq.ft.
Average rent per week £203
*Source: Kingston University survey of over 200 customers. Spring 2004
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Customer Profile
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Customer Profile
DTI Classification of Tenants
12% 1%
2%
1%
6%
18%
45%
10%
5%
Manufacture
Retail
Cons truction
Utilities /Infras tructure
Organisations
Des ign & Creative
Services
Storage & Dis tribution
Unclass ified
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• Holistic customer focus• Deal direct with prospect to customer• 90% + customer satisfaction
Customer Service
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Workspace Group PLC summary
• Flexible, affordable, workspace to let throughout London
• Leaders in a growing marketplace
• Focused on long term sustainable growth