Member Article

Workspace exchanges contracts on East London mixed-use site

Workspace Group has announced it has exchanged contracts on the disposal of the final phase of a new mixed-use project in Bow.

The final phase of the redevelopment at Bow Enterprise Park, which includes 130 residential units, has been sold for £6.3m along with the return of a brand new 40,000 sq ft business centre.

Workspace said that the sale is in line with its 31 March 2017 valuation and is an all cash deal.

Commenting following confirmation of the disposals, Jamie Hopkins, Chief Executive Officer at Workspace, said that the agreement would see the firm adding another office development to its portfolio.

He said: “We are delighted to have exchanged contracts to sell this redevelopment and look forward to receiving a new business centre located in such a vibrant and well-connected area of East London, adjacent to the Devon’s Road DLR station.

“This sale reinforces our strategy to drive value from our portfolio as we continue to see demand for residential development sites in London.”