4th Apr 2014 07:48
LONDON (Alliance News) - Workspace Group PLC said Friday it has sold the residential portion of the second phase of its Bow Enterprise Park in east London to Peabody Enterprises for GBP11 million in cash.
Workspace said the second phase of the project consists of 160 apartments and 3,000 square feet of commercial space. It is adjacent to the first phase of the development, which also was sold to Peabody in 2012, and is under construction, it said.
The FTSE 250 manager of London office space said Peabody will pay upon taking vacant possession, expected in May 2015.
Workspace obtained planning consent for the four-acre industrial estate adjacent to the Devons Road Docklands Light Rail station in 2011. It is due to have 557 apartments and 50,000 square feet of commercial space in total. The third and final phase, comprising 130 apartments and 33,000 sq ft of commercial space, will be marketed in due course, Workspace said.
Workspace shares were up 1.7% at 587.93 pence early Friday, making it one of the top gains in the FTSE 250.
By Tom Waite; [email protected]; @thomaslwaite
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