Planning Permission Secured

RNS Number : 7217O

Workspace Group PLC

11 August 2014

 



WORKSPACE GROUP PLC

PLANNING PERMISSION SECURED FOR REDEVELOPMENT OF ENTERPRISE HOUSE, HAYES

Workspace Group PLC, ("Workspace") London's leading provider of space to new and growing companies, is pleased to announce that it has secured planning permission for its redevelopment of Enterprise House in Hayes, a 50/50 joint venture with Polar Properties.

Workspace's interest in the joint venture was valued at £3m as at 31 March 2014. The development will provide 98 apartments and a 38,000 sq ft Business Centre for creative industries. Permission will enable Workspace and its joint venture partner, Polar Properties to create 150 jobs by providing new business space.

Workspace plans to refurbish the grade II* listed factory building which will provide 38,000 sq ft of space tailored to the needs of small businesses with a particular focus on creative industries. One of the existing tenants to be retained will be the Vinyl Factory which specialise in producing high quality, limited edition, vinyl records.

Enterprise House, built in 1912, is the only remaining factory building in Europe designed by Arthur Blomfield and Sir Owen Williams using an innovative reinforced concrete frame or the "Daylight Factory" as utilised by Henry Ford In Detroit. The building was known as the machine shop, forming part of His Master Voice (HMV), latterly EMI's gramaphone production factory campus at Hayes that in its hay day employed 22,000 people.

Enterprise House will make a valuable contribution to the regeneration of Hayes town and benefit from the arrival of Crossrail in 2018.

Jamie Hopkins, Chief Executive Officer of Workspace, commented:

"We are delighted to have secured approval for Enterprise House in Hayes, a location that will benefit greatly by the arrival of a Crossrail station adjacent to the property. Enterprise House is one of a number of properties, in similarly advantageous locations to Crossrail, which Workspace is redeveloping.

"This is part of our wider redevelopment programme to enhance both core operational income and capital values by repositioning properties. The Enterprise House development will provide tailored space to the needs of small creative businesses, a capability which is at the heart of Workspace's key strengths."

ENDS

For media enquiries please contact:

Workspace Group PLC

Jamie Hopkins, Chief Executive Officer

Graham Clemett, Chief Financial Officer

020 7138 3300

Bell Pottinger

Victoria Geoghegan

Nick Lambert

Elizabeth Snow

020 7861 3925

Notes to Editors

About Workspace Group PLC

• Workspace is a FTSE250 company and has been listed on the London Stock Exchange since 1993;
• It has a strong 25 year track record in providing tailored business premises to growing companies in London;
• It owns and manages 97 properties across London providing 5.0 million square feet of space and is home to some 4,000 businesses employing over 30,000 people;
• For more information on Workspace, please visit www.workspace.co.uk

 

END

 

 

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