Sale of residential redevelopment

RNS Number : 3098G

Workspace Group PLC

06 May 2014

 



Workspace Group PLC

Sale of residential redevelopment at Faircharm Estate, Creekside

Workspace Group PLC ("Workspace"), London's leading provider of space to new and growing companies, is pleased to announce that it has entered into an agreement with London & Quadrant Housing Association ("L&Q") for the redevelopment of its two acre Faircharm Estate in Creekside, Deptford, SE8 ("Faircharm"). In May 2013 Workspace obtained planning consent at this site for the development of 148 apartments and a new 52,000 sq. ft. business centre. At September 2013 the property was valued at 9.4m.

Workspace will receive £9.5m in cash and a new 52,000 sq. ft. business centre in return for the sale of the residential part of the site to L&Q. The cash will be received upon vacant possession which is expected to be July 2014 and the new centre is expected to be completed in mid-2016. The construction of the centre will be undertaken by L&Q at no cost to Workspace.

The new business centre will be well located close to transport links and local amenities and is expected to be a hub for creative industries, which predominate in the Deptford Creek quarter, providing employment for up to 400 people on site.

Jamie Hopkins, Chief Executive Officer of Workspace, commented:

"We are delighted to be partnering with L&Q on our Faircharm redevelopment. This is another important step in our on-going redevelopment programme to enhance both core operational income and capital values by repositioning key properties.

"New homes and the newly developed and tailored business centre will all help strengthen the local economy, improve opportunities for businesses, and build upon Deptford's reputation for creative excellence. It will also be in keeping with the ongoing regeneration of the Deptford High Street and Town Centre and we have committed to support this by helping improve health facilities, education, employment, housing, public open space and transport."

For media enquiries please contact:

Workspace Group PLC
Jamie Hopkins, Chief Executive Officer	020 7138 3300
Graham Clemett, Chief Financial Officer
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 across London providing 5.1 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 

 

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