17th Dec 2015 07:39
LONDON (Alliance News) - Real estate investment firm Workspace Group PLC Thursday said it has been granted planning permission to redevelop the Marshgate industrial estate in Stratford, London.
The 2.5 acre industrial park is located in Queen Elizabeth Olympic Park and has 93,000 square feet of light industrial space. In September, the industrial park was valued at around GBP14.0 million.
Importantly, the company has secured mixed use planning consent, allowing it to replace the existing industrial units into 200 residential units which will be a mix of town-houses and apartments, with 17% of the redevelopment being dedicated to affordable housing.
Around 34,000 square feet of the 93,000 square foot park will be redeveloped into a new business centre.
"We are delighted to have been granted planning permission for a new business centre in Stratford and see this as great news for new and growing companies in the area, who will benefit from the new space we're providing," said Chief Executive Jamie Hopkins.
By Joshua Warner; [email protected]; @JoshAlliance
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