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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

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


Workspace Group PLC

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


History

  • Established 1987

  • Joined London Stock Exchange 1993

  • Geographical focus

  • Scale


Ten Year Results to 31 March 2006

Five Year Ten Year

Compound Growth Compound Growth

Adjusted NAV per share 20.9% 21.9%

Property at Valuation 21.3% 22.6%

Trading PBT 9.9% 13.8%

Trading EPS 10.2% 13.0%

Dividend per share 10.2% 11.2%


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


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


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



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 Customer Base

Classification based on DTI categories


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


London Population Projections

Source: DMAG Briefing 2005/40


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


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.


LDA Priority Areas for Investment

  • WHARF ROAD, HACKNEY (N1)

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


LDA Areas For Intensification

  • During 2005:

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


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 retail 16,500 sq ft commercial space 271 residential apartments


LDA Areas of Deprivation

Insert map

  • In deprived wards, regeneration

  • opportunities are greatest, through:

  • spatial, social, economic policies & planning

  • stimulating business ownership


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


PTAL Map

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


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 Portfolio: What density increases achievable?

Wharf Road 2x

Thurston Road 6x

Aberdeen 2x

Grand Union 5x

Wandsworth 2x (+)

Bow 6x (+)

Whitechapel 3.5x (+)


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



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