Workspace Group PLC Sale of Residential Redevelopments (9992M)
20 October 2016 - 5:00PM
UK Regulatory
TIDMWKP
RNS Number : 9992M
Workspace Group PLC
20 October 2016
20 October 2016
WORKSPACE GROUP PLC
SALE OF RESIDENTIAL REDEVELOPMENTS IN SOUTHALL AND
WANDSWORTH
Workspace Group PLC ("Workspace"), home to London's New and
Growing Companies, is pleased to announce it has exchanged on the
disposal of two residential redevelopments in return for a total of
GBP20.75m in cash and 17,000 sq. ft. of new commercial space.
Workspace has agreed to sell Arches Business Centre in Southall,
UB2, to Galliard Homes for GBP13m, at a 52% (GBP4.5m) premium to
the 31 March 2016 valuation. Workspace obtained planning consent at
this site for 110 residential units, of which 28% are
affordable.
In addition, Workspace has exchanged contracts with Strawberry
Star for the sale of the residential element of the second phase of
The Light Bulb in Wandsworth, SW18. Workspace obtained planning
consent on a vacant site for 77 residential units, with no
affordable element, and 17,000 sq. ft. of new commercial space
adjacent to the existing business centre. Workspace will receive
GBP7.75m in cash, as well as the 17,000 sq. ft. of new commercial
space built to its specification, in line with the 31 March 2016
valuation.
Commenting on the announcement, Jamie Hopkins, Chief Executive
Officer of Workspace, said:
"The sale of these two redevelopments demonstrates the ongoing
demand for the residential schemes we are marketing and our ability
to continue to generate significant value from our portfolio. The
proceeds from these disposals will be used to progress our
refurbishment pipeline and we look forward to receiving the new
commercial space at The Light Bulb, which will be a great addition
to our existing successful business centre."
Ends
For Workspace media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Clare Dundas, Head of Corporate Communications
Bell Pottinger 020 3772 2562
Victoria Geoghegan
Nick Lambert
Elizabeth Snow
Notes to Editors:
About Workspace:
-- Workspace is a FTSE250 property company and
has been listed on the London Stock Exchange
since 1993
-- Workspace owns and manages around 65 properties
all 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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