10th Mar 2023 08:20
(Alliance News) - Workspace Group PLC on Friday said it has completed the sale of the residential component of its mixed-use Riverside redevelopment in Wandsworth, London.
The London-based flexible workspace provider said the sale was made for GBP54.0 million, in line with its valuation in September last year. Of this, GBP44.0 million is a payable immediately, with a further GBP10 million to be paid in March 2024, the company said.
The company said the development will be delivered in six phases, with the residential component being made up of one, two, three and four bedroom apartments. It will have 30% affordable housing.
Chief Executive Officer Graham Clemett said: "We are delighted to have completed the sale of the residential element of this exciting Wandsworth mixed-use regeneration scheme...We look forward to adding a major new business centre to our portfolio, which will sit adjacent to the residential development, with excellent access from Garratt Lane and just a five-minute walk from Earlsfield Railway Station.
"By repositioning outdated sites into attractive, sustainable mixed-use space, we can extend our strong footprint of high-quality workspace across London and deliver on our strategy of employment-led regeneration in the areas we operate in."
Workspace shares were down 2.1% to 463.80 pence each in London on Friday morning.
By Harvey Dorset, Alliance News reporter
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