Flexible workspace specialist sells “attractive” £24m East London business park

London based flexible office space provider Workspace Group PLC has announced the simultaneous exchange and completion on the disposal of Highway Business Park in Limehouse, E14, and an adjoining property owned by Canada Life Investments.

Highway Business Park comprises 20,000 sq ft of light industrial space and Workspace will receive £23.7m for its share of the sale, a significant premium to the September 30 2021 valuation of £11.6m.

Graham Clemett, chief executive officer of Workspace, commented: “Highway Business Park is a site where we had previously gained planning consent for a mixed-use scheme comprising residential units and a new business centre in an attractive East London location.

“However, we are always focused on maximising value from our assets and, in this case, we have achieved a significantly higher return by selling the site for an urban logistics scheme.”

Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages some 4 million sq ft of business space in London.