Redevelopment of Wandsworth Business Village
REDEVELOPMENT OF WANDSWORTH BUSINESS VILLAGE
Workspace Group PLC (Workspace), the leading provider of space to entrepreneurs across London, has entered into a development agreement with specialist London residential developer, Mount Anvil, for the regeneration of Workspace's Wandsworth Business Village, SW18. Workspace have obtained a mixed use planning consent on this two acre site for 209 apartments, 53 of which will be allocated as affordable housing, and a new 80,000 sq ft Business Centre.
The redevelopment of the site will be managed and funded by Mount Anvil. Construction is expected to commence in April and the scheme will be completed in mid 2014. Workspace will receive the new Business Centre in consideration for granting a 999 year lease to Mount Anvil on the residential component of the scheme. Workspace will retain the overall freehold of the site and will also receive 50% of any proceeds from the sale of the private residential apartments in excess of £50m.
Workspace has also made significant progress on two other redevelopment schemes in the quarter:
· On 7 March Workspace obtained a resolution from London Borough Tower Hamlets granting consent for 557 apartments and a new 60,000 sq ft Business Centre at Bow Enterprise Industrial Estate, E3 close to the Olympic Park.
· In February, the Secretary of State confirmed the redesignation by the London Borough of Southwark of 7 acres of land at Workspace's Tower Bridge Complex, SE16 from a preferred industrial location to mixed use. The will allow for 1,070 apartments and 90,000 sq ft of new commercial space. A planning application is now being progressed.
Harry Platt, Chief Executive, commented:
" We are delighted with this announcement. It shows the sort of potential which our portfolio offers in terms of releasing value over the medium and long term. All three of these projects are in key locations and are central to the growth plans of the respective local authorities ".
Date: 28th March 2011
For more information contact:
Workspace Group PLC City Profile
Harry Platt, Chief Executive Jonathan Gillen
Graham Clemett, Finance Director 020 7448 3244
020 7247 7614
This information is provided by RNS