Watch Your Space as it clinches cheap property deals

SMALL BUT BEAUTIFUL

OFFICE space and building restoration firm Your Space said yesterday that the current turmoil in the financial markets is enabling it to secure the commercial use of prime locations on the cheap.

Since its interim statement in December 2007, the company, which has a market cap of £22.15 million, has added three further sites to its property portfolio – a 26,000sq ft Grade II listed building in the centre of Newcastle upon Tyne; a 37,000sq ft building with an underground car park in the centre of Manchester and a 35,000sq ft Grade II listed building in the heart of Leicester. Discussions to further extend the company's portfolio of 11 sites are in progress.

The Newcastle site has been secured with a zero cash contribution from Your Space, while the Manchester deal has been arranged on similar terms. The company said it will benefit from a combined consideration of more than £4.2m to carry out restoration work at these centres while simultaneously enjoying the income streams from rent free periods negotiated with owners.

Your Space added that its serviced office business is performing well.