6th May 2014 09:06
LONDON (Alliance News) - Workspace Group PLC Tuesday said it has agreed to sell its residential redevelopment at Faircharm Estate, Creekside to London & Quadrant Housing Association in a deal worth GBP9.5 million in cash.
The company said it also will receive a new 52,000 square foot business centre in return for the sale of the residential project, located in Deptford, south-east London.
In May 2013, Workspace obtained planning consent at the site for the development of 148 apartments and the 52,000 square foot business centre. At September 2013 the property was valued at GBP9.4 million.
Workspace said it will receive the cash upon vacant possession which is expected to be July 2014, while the new centre is expected to be completed in mid-2016. The construction of the centre will be undertaken by London & Quadrant at no cost to Workspace.
The new business centre will be well located close to transport links and local amenities and is expected to be a hub for creative industries, which predominate in the Deptford Creek quarter, providing employment for up to 400 people on site, Workspace said.
Workspace was trading at 572.68 pence Tuesday morning, down 2.82 pence or 0.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Workspace