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Workspace Group PLC . Harry Platt Chief Executive Presentation for Bridgewell Investor Conference: “Growth and Returns from Bricks & Mortar” February 6 th , 2007. Workspace Group PLC . Workspace:Performance and History Workspace:Our Business Workspace:Relation to London Plan. History.

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Workspace group plc

Workspace Group PLC

Harry PlattChief ExecutivePresentation for Bridgewell Investor Conference:“Growth and Returns from Bricks & Mortar”February 6th, 2007


Workspace group plc

Workspace Group PLC

Workspace:Performance and HistoryWorkspace:Our BusinessWorkspace:Relation to London Plan


Workspace group plc

History

  • Established 1987

  • Joined London Stock Exchange 1993

  • Geographical focus

  • Scale


Workspace group plc

Ten Year Results to 31 March 2006

Five Year Ten Year

Compound GrowthCompound Growth

Adjusted NAV per share20.9%21.9%

Property at Valuation21.3%22.6%

Trading PBT9.9%13.8%

Trading EPS 10.2%13.0%

Dividend per share 10.2%11.2%


Workspace group plc

30.00%

25.00%

20.00%

Percentage Return

15.00%

10.00%

Workspace

5.00%

IPD

Workspace vs Universe

0.00%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

IPD Performance


Workspace group plc

The Business – Hotelier of Space

to SMEs

  • 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


Workspace group plc

The Business – Hotelier of Space

to SMEs

  • “ We provide affordable, flexible space for new and small businesses in London and the South East ”

  • c.4,300 customers over 113 estates; 6.0 million sq .ft

  • Over 9,900 enquiries a year; market leading brand in

  • fragmented market

  • A simple product offer

  • Superior service from in-house management

  • Customer focused


Workspace group plc

Workspace Portfolio 2006


Workspace group plc

Rents, Affordability: Customer Profile

Typical Workspace tenant*:

  • Rent under 5% of turnover

  • Average customer in 1,000 sq. ft paying £200 (approx) rent per week

*Source: Kingston University survey of over 200 customers. Spring 2004


Workspace group plc

Workspace Customer Base

Classification based on DTI categories


Workspace group plc

About London

  • along with New York and Tokyo, is a world city

  • most multicultural in the world, home to more than 300 languages

  • 12.5% of UK population, responsible for 16.5% of its output

  • highest number of business starts and closures in the UK

  • highest concentration of fastest-growing, most productive business

  • sectors

LONDON IS OUR MARKETPLACE


Workspace group plc

London Population Projections

Source: DMAG Briefing 2005/40


Workspace group plc

Accounting for Growth

“International migration is now the dominant driver of population changein the UK and is set to remain so for at least the next 25 years.”

Source: LDA - Estimating London’s new migrant population, Sept 2006


Workspace group plc

LDA Priority Areas for Investment

  • 60% of Workspace stock falls within these areas

  • Workspace is well placed to benefit from – and contribute to – the future investment within these areas.


Workspace group plc

LDA Priority Areas for Investment

  • WHARF ROAD, HACKNEY (N1)

  • Replacing existing units with: - 30,000 sq ft of commercial space - 77 residential units


Workspace group plc

LDA Areas For Intensification

  • During 2005:

  • 100% of development took place on previously developed commercial space


Workspace group plc

LDA Areas For Intensification

  • THURSTON ROAD, LEWISHAM (SE13)

  • Part of the regeneration of Lewisham Town Centre

  • Conversion of industrial estate into mixed-use development:91,000 sq ft non-food retail16,500 sq ft commercial space271 residential apartments


Workspace group plc

LDA Areas of Deprivation

Insert map

  • In deprived wards, regeneration

  • opportunities are greatest, through:

  • spatial, social, economic policies & planning

  • stimulating business ownership


Workspace group plc

LDA Areas of Deprivation

  • N17 STUDIOS, HARINGEY

  • situated in one of the most deprived areas of London

  • originally 50 large floor-plate units

  • now more than 90 units, 80% of which less than 1,000 sq ft


Workspace group plc

PTAL Map

PTAL ratings assess publictransport accessibility30% of WSG properties have arating of 5 or higher


Workspace group plc

Workspace Portfolio: Current

Low density; low capital value; in areas of change

25% subject to intensification/change of use over 5 years

A further 20% subject to intensification/change of use over 10 years

Stock continually replenished – the acquisition database


Workspace group plc

Workspace Portfolio: What density increases achievable?

Wharf Road 2x

Thurston Road6x

Aberdeen2x

Grand Union 5x

Wandsworth2x (+)

Bow6x (+)

Whitechapel3.5x (+)


Workspace group plc

Workspace Portfolio: What mix of uses?

  • Replacement of workspace – new for old

  • Residential main other element

  • Workspace to be treated as equivalent to affordable housing (?)

  • Other uses


Workspace group plc

Transport Improvements in London


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