Acquisition

RNS Number : 6208A

Workspace Group PLC

30 September 2015

 

30 September 2015

WORKSPACE GROUP PLC

ACQUISITION OF FORMER MECCA BINGO SITE IN WANDSWORTH, SW18

Workspace Group PLC ("Workspace"), home to new and growing companies across London, is pleased to announce the exchange of contracts for the acquisition of the former Mecca Bingo site in Garratt Lane, Wandsworth, SW18, for £26.1m.

The site, which comprises a vacant 43,000 sq. ft. bingo hall and 200 space car park, has been a long-term land assembly target for Workspace. It adjoins Riverside, an existing 100,000 sq. ft. office and workshop building with a rent roll of £1.2m and valued at £15.8m as at 31 March 2015. The combined site provides nearly six acres of land with significant redevelopment potential. It is well located, close to Earlsfield station, which is one stop from Clapham Junction, a current mainline and proposed Crossrail 2 interchange station.

Workspace has a strong relationship with the local Council with four properties in the borough and the recent successful completion of a major mixed use redevelopment in Wandsworth Town Centre. This included the launch in February of The Light Bulb, a new 52,000 sq. ft. business centre, which has seen strong demand from new and growing companies.

Jamie Hopkins, Chief Executive Officer of Workspace, commented:

"This is a hugely exciting purchase for Workspace of a site we have been tracking for some time. It provides the opportunity to create a major employment hub in Wandsworth, complementing the schemes that we have already delivered at Kennington Park and The Biscuit Factory in Bermondsey. We look forward to working with Wandsworth Council and the local community on the redevelopment of this strategic site."

ENDS

For media and investor enquiries, please contact:

Workspace Group PLC Clare Dundas, Head of Corporate Communications	020 7138 3300
Bell Pottinger                                                                           Victoria Geoghegan Nick Lambert Elizabeth Snow	020 3772 2562

Notes to Editors

About Workspace Group PLC:

·	Workspace is a FTSE250 property company and has been listed on the London Stock Exchange since 1993
·	Workspace owns over 80 properties across London and is home to some 4,000 new and growing companies
·	Workspace provides the right properties in the right locations to attract its customers and the right services to retain them and help them grow
·	Workspace is growing through deep market knowledge, operational excellence and strong customer relationships
·	For more information on Workspace, please visit www.workspace.co.uk

 

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