Southbank House sold for £16 million

Workspace, which provides serviced office accommodation to small and medium-sized enterprises in London and the South East, acquired the 212-unit Vauxhall property from Business Environment Group,

Southbank House currently provides an annual income of £1.25 million, a figure that Workspace hopes to increase.

"This is an excellent acquisition for Workspace. We have been tracking this particular property for some time. Vauxhall is a great location for SMEs who want to be located close to the heart of London. We know Southbank House well and we are confident that it will complement our other properties in the area. With Southbank House as part of our portfolio, we can further increase the range and style of accommodation that we can offer to our customers," said Workspace chief executive Harry Platt.