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Workspace Group has bought Verulam House in Gray’s Inn Road for £18.1m.

The office adds to the group’s growing midtown portfolio, joining existing properties at Baldwin Gardens, Greville Street, Chancery Lane, Clerkenwell Workshops and Exmouth House.

The building provides 42,000 sq ft of space and was acquired at a capital value of £433/sq ft. The current average rent is £26/sq ft and the building is fully occupied by seven tenants.

Jamie Hopkins, chief executive officer of Workspace, said: “New and growing businesses are increasingly attracted to the Midtown area of London and with the additional benefit of Crossrail, we are confident that Verulam House will provide an opportunity for growth in the future.”

The group also posted a strong set of half year results this morning, with profit before tax at £100.8m for the half year to 31 March 2013. In September 2012 it was £24.6m

Its adjusted trading profit after interest was also up 10% to £9.7m

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