LONDON (Alliance News) - Workspace Group PLC Tuesday said it has agreed to sell the first phase of its mixed-use development at Poplar Business Park in Canary Wharf, London to Telford Homes PLC in a deal worth GBP16.3 million.
The first of three phases in the redevelopment consists of 170 apartments, of which 50 are affordable housing. Telford will construct 8,000 square feet of light industrial space which will be returned to Workspace.
The development is expected to be completed in 2018.
The total residential gross development value of the first phase will be in excess of GBP75 million, which Telford Homes said would take its development pipeline to over GBP1 billion of future revenue.
Workspace previously obtained planning consent on this four-acre industrial estate in September 2013 for a total of 392 apartments, of which 80 are affordable housing, and 70,000 square feet of business and light industrial space.
The overall site was valued GBP32.4 million at the end of March.
Workspace Group shares were quoted down 0.2% at 627.00 pence Tuesday morning, while Telford Homes shares were quoted down 0.2% at 331.00 pence.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Workspace (WKP)