London property group Workspace has sold the first phase of its redeveloped Poplar Business Park site to AIM-listed Telford Homes.FTSE 250-listed Workspace will receive £16.3m in cash around February next year, minus around £0.2m of rental income, together with overage of 35% on private residential sales that surpass £730 per square foot.The first phase of the redevelopment comprises 170 apartments and 8,000 square foot of light industrial space, comprising 120 open market homes, 50 affordable homes and 8,000 square feet of light industrial space which is being returned to Workspace.The deal takes Telford's development pipeline above £1bn, which it said marked an "exceptional milestone".The entire three-phase project is exptected to create a total of 392 homes.Jamie Hopkins, the chief executive officer of Workspace, said: "We are delighted to announce the sale of the first phase of our mixed use scheme at Poplar, which demonstrates our ability to add significant value through asset management."By creating a thriving business and residential hub, this redevelopment provides a significant boost to the transformation of this area."The Poplar Business Park is located 800m from Canary Wharf and is part of the broader regeneration and transformation of the area.Telford chief executive Jon Di-Stefano said that with more than £1bn in the development pipeline and a strong forward sold position, the company is in "an excellent position to deliver substantial growth over the next few years".
