Targetspace portfolio sold

Flexible workspace agency HEWN has completed the sale of the Targetspace portfolio of three business centres to Artesian Property Partnership, who were represented by Jerram Property Consultants.

The Targetspace business centres, in Proctor Street WC1, New Broad Street EC2 and Aldgate EC3 amount to just over 40,000 sq ft and are valuable additions to Artesian’s planned portfolio following its recent return to the sector.
Steve Finnegan, CEO of HEWN’s client Targetspace commented:

“Having acquired the company in 2012 and negotiated three key new sites, we are delighted to have rebuilt the business back to this point and successfully completed a disposal.”

Mark Breen, CEO of Artesian commented:

“We are delighted with the acquisition of Targetspace. We were early developers of serviced offices with Argyll Business Centres. We have kept an interest in this sector which has witnessed steady growth driven by increased demand . This is a great opportunity for us to further our interests in this part of the market.”

Will Kinnear said:

“The Targetspace acquisition comes at a time of intense activity in the sector. Business centres are an increasingly important part of the commercial market and are a more and more attractive investment proposition as the dynamics of the office market change. 2015 saw a number of mergers and acquisitions in the sector, many of which we led on or were involved in, and we expect similar market activity this year.”