Workspace Group PLC Sale of Residential Redevelopments (9992M)

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RNS Number : 9992M

Workspace Group PLC

20 October 2016

20 October 2016

WORKSPACE GROUP PLC

SALE OF RESIDENTIAL REDEVELOPMENTS IN SOUTHALL AND WANDSWORTH

Workspace Group PLC ("Workspace"), home to London's New and Growing Companies, is pleased to announce it has exchanged on the disposal of two residential redevelopments in return for a total of GBP20.75m in cash and 17,000 sq. ft. of new commercial space.

Workspace has agreed to sell Arches Business Centre in Southall, UB2, to Galliard Homes for GBP13m, at a 52% (GBP4.5m) premium to the 31 March 2016 valuation. Workspace obtained planning consent at this site for 110 residential units, of which 28% are affordable.

In addition, Workspace has exchanged contracts with Strawberry Star for the sale of the residential element of the second phase of The Light Bulb in Wandsworth, SW18. Workspace obtained planning consent on a vacant site for 77 residential units, with no affordable element, and 17,000 sq. ft. of new commercial space adjacent to the existing business centre. Workspace will receive GBP7.75m in cash, as well as the 17,000 sq. ft. of new commercial space built to its specification, in line with the 31 March 2016 valuation.

Commenting on the announcement, Jamie Hopkins, Chief Executive Officer of Workspace, said:

"The sale of these two redevelopments demonstrates the ongoing demand for the residential schemes we are marketing and our ability to continue to generate significant value from our portfolio. The proceeds from these disposals will be used to progress our refurbishment pipeline and we look forward to receiving the new commercial space at The Light Bulb, which will be a great addition to our existing successful business centre."

Ends

For Workspace media and investor enquiries, please contact:

Workspace Group PLC 020 7138 3300

Clare Dundas, Head of Corporate Communications

Bell Pottinger 020 3772 2562

Victoria Geoghegan

Nick Lambert

Elizabeth Snow

Notes to Editors:

About Workspace:

 
 --   Workspace is a FTSE250 property company and 
       has been listed on the London Stock Exchange 
       since 1993 
 --   Workspace owns and manages around 65 properties 
       all across London and is home to some 4,000 
       new and growing companies 
 --   Workspace provides the right properties in 
       the right locations to attract its customers 
       and the right services to retain them and help 
       them grow 
 --   Workspace is growing through deep market knowledge, 
       operational excellence and strong customer 
       relationships 
 --   For more information on Workspace, please visit 
       www.workspace.co.uk 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 20, 2016 02:00 ET (06:00 GMT)