Last checked at 11 Sep 2017 09:37
11 September 2017
WORKSPACE GROUP PLC
WORKSPACE ANNOUNCES DISPOSAL OF STRATFORD OFFICE VILLAGE
Workspace Group PLC ('Workspace') is pleased to announce the exchange of contracts for the disposal of Stratford Office Village, E15, for £14m.
The site currently consists of 52,000 sq. ft. of self-contained offices. Workspace obtained planning consent in September 2016 for a mixed-use redevelopment comprising 101 residential units and 13,000 sq. ft. of new commercial space. The sale price is in line with the 31 March 2017 valuation.
Jamie Hopkins, Chief Executive Officer of Workspace, commented:
"Having gained residential planning consent on this site, we have benefited from the significant uplift in value and are delighted we have now exchanged contracts to sell the property. This sale demonstrates the value of our redevelopment pipeline, and we look forward to deploying the proceeds into our extensive pipeline of business centre refurbishments."
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For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Clare Dundas
Edelman 020 3047 2546
John Kiely
Mav Wynn
Rob Yates
Notes to Editors
About Workspace Group PLC:
Workspace is geared towards helping businesses perform at their very best. The Workspace
Advantage is our unique customer offer and is open to all - we provide inspiring, flexible work
spaces with super-fast technology in dynamic London locations. Established in 1987, and
listed on the London Stock Exchange since 1993, Workspace owns and manages more than
3.6 million sq. ft. of business space across 68 London properties. We are home to some 4,000
businesses including some of London's fastest growing brands, as well as more established companies, across a wide range of sectors.
The way businesses work is changing. That's why we are continually investing in a tailored technology platform that enables our customers to work how and where they want.
Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust and a member of the
European Public Real Estate Association.
For more information on Workspace, please visit www.workspace.co.uk