Planning Permission for Poplar Business Park

RNS Number : 8323O

Workspace Group PLC

25 September 2013

 



WORKSPACE GROUP PLC

PLANNING PERMISSION SECURED FOR POPLAR BUSINESS PARK MIXED USE REDEVELOPMENT

Workspace Group PLC ("Workspace"), London's leading provider of space to new and growing companies, is pleased to announce that it has secured planning for the redevelopment of its Poplar Business Park, Canary Wharf.

Poplar Business Park is located in Docklands, 800m away from Canary Wharf and close to the new Crossrail station. Workspace has received planning permission for 392 apartments, 20% of which will be affordable, alongside a new 58,000 sq ft business centre and 12,000 sq ft of light industrial workshops. The scheme will also provide two new public squares and improved transport links from Poplar High Street to Canary Wharf and Wood Wharf.

This scheme will replace 75,000 sq ft of existing light industrial space. The site was valued at 31 March, 2013 at £21 million.

Jamie Hopkins, Chief Executive Officer, commented:

"We are delighted to have secured planning permission for the redevelopment of the Poplar Business Park. It is a significant redevelopment in an area that will be experiencing a lot of change over the coming years with the arrival of Crossrail at Canary Wharf. 

"Poplar Business Park, once redeveloped, will be a thriving residential and business location in the heart of one of London's future hotspots.

"The redevelopment will also provide a significant boost to both the capital value and rental income of the site and demonstrates our ability to add significant value through asset management."

For media enquiries please contact:

Workspace Group PLC
Jamie Hopkins, Chief Executive Officer	020 7138 3300
Graham Clemett, Chief Financial Officer
Pelham 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 c.100 properties in London providing 5.1 million square feet of space and is home to c. 4,000 businesses employing over 30,000 people

·      For more information on Workspace, please visit: http://www.workspacegroupplc.co.uk/

 

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