Snapshot

company: Workspace Group plc (LSE: WKP) — a UK REIT founded 1987 from the privatisation of former Greater London Council property
sells: Flexible office, studio, industrial and workshop space let to London's small and medium-sized businesses on flexible terms; a design-led 'flex' landlord, not a serviced-office reseller
category: Commercial flexible-office landlord (an explicit Select target sector — commercial landlords with voids between tenants)
model: Owns and manages a London-wide portfolio independently valued at ~GBP 2.3bn; lets space directly to SMEs and reworks vacated larger space into smaller units. Running a ~GBP 200m disposal programme of low-conviction assets
size: ~GBP 2.3bn portfolio; stabilised-portfolio occupancy ~81.6% (down from ~83% a year earlier) — i.e. roughly a fifth of stabilised space is vacant at any time
leadership: CEO Charlie Green (joined Feb 2026, MRICS, ex co-founder/Co-CEO of The Office Group); CFO Tom Edwards-Moss (Apr 2026); Asset Management Director John Robson (MRICS); Investment Director Richard Swayne
hq: London (portfolio is London-wide). Nearest Select depot is St Albans — 1-2 day deployment, not same-day

All recent triggers

Stabilised-portfolio occupancy fell to ~81.6% (from ~83%) with 'higher than usual' larger tenants leaving — a real, current pool of vacant floors awaiting re-let/reconfiguration source
Actively repositioning vacated larger space into smaller units — planned void windows while floors are stripped, held and re-let source
~GBP 200m disposal programme of low-conviction assets — buildings held empty pending sale carry vacant-property risk and insurer inspection requirements source
London-wide, high-value/high-visibility commercial stock — the setting where a design-led pod that suits a corporate reception beats a cheap industrial tower source

Pain hypotheses

Vacant floors between tenants and while repositioning: unauthorised access, vandalism and the insurer's requirement for documented inspections before an empty-property claim will pay — Select's monthly inspection audit trail answers this directly
Escape of water on an empty floor (sprinkler runs, risers, kitchenettes, heating) undetected for days damages the floors below — the Sentinel pod's 6-second auto mains shut-off is the direct control, though office void water risk is genuinely lower than residential (be honest with the buyer)
High-value, client-facing London buildings need protection that looks the part in a reception, not industrial site kit — Select's design-led pod fits the setting
HONEST FIT CAVEAT: flex-office voids are units Workspace actively WANTS to re-let fast, so many gaps are short; and offices carry less water risk than residential. The real, durable wedge is vacant-floor security + insurance-compliance inspections on longer-held/repositioning/disposal space, plus water cover where wet areas exist — not a blanket portfolio rollout

ICP-fit score

58/100
None

Sources