Acquisition

Workspace Group PLC
04 September 2002

                              Workspace Group PLC

                          WORKSPACE ACQUIRES STRATFORD

                            OFFICE VILLAGE FOR £8.8m

Workspace Group PLC ('Workspace), the leading provider of flexible business
accommodation to small and medium sized enterprises ('SMEs') in London and the
South East, has announced the purchase of the Stratford Office Village, 14/30
Romford Road, London E15. The scheme has been acquired from Waterbridge Group
Ltd. for £8.8m.

The Stratford Office Village, is located in the core commercial area in the
centre of Stratford, and comprises a complex of 13 office buildings, totalling
approximately 52,000 sq ft. The area has a strong business community and is a
core focus for regeneration in east London. The scheme produces an income of
£668,245 per annum, reflecting an initial yield of 7.2%, but outstanding rent
reviews will take the yield to over 8.5%, with reversionary potential to 9.3% in
2004. Space at the site is of good quality and tenants include a number of
recognised companies.

Commenting on the acquisition, Harry Platt, Chief Executive, said;

' We are keen to add properties such as this to the portfolio. The property is
well located for the Group, adding to our existing east London cluster of
Workspace sites. The scheme is in the commercial heart of Stratford, an area of
expected high economic growth over the next few years.

' Stratford Office Village builds further our offering in this key area of
London. Our strong property foundation throughout London and the South East
provides an ideal opportunity to build business communities for our customers
with flexible choice on location, the type of space and cost'

'This acquisition fits Workspace's strategy of doubling the size of our business
over the next five years, strengthening our position as the leading supplier of
space in the Capital for the SME sector. At our recent quarterly results we
announced Workspace has facilities in place for a further £130 million of
acquisitions. We will continue to seek out well located properties such as this
in the future.'

                                    - ends -

Date: 4 September 2002

For further information contact:
Workspace Group PLC                                    City Profile Group
Harry Platt, Chief Executive                           Ed Senior
Mark Taylor Finance Director                           Simon Courtenay
020 7247 7614                                          020 7488 3244
e-mail: [e-mail]                      e-mail: [e-mail]
Web: www.workspacegroup.co.uk


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