Workspace sells two residential developments

Workspace Group has exchanged on the disposal of two residential redevelopments in return for a total of £20.75m 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 £13m, at a 52% (£4.5m) 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 £7.75m 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.

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