13th Dec 2005 07:00
Workspace Group PLC13 December 2005 WORKSPACE IN £10M DISPOSAL OF DEVELOPMENT SITE Workspace Group PLC ("Workspace"), the leading provider of flexible businessaccommodation to small and medium sized enterprises (SME's) in London and thesouth east, has exchanged contracts to sell a development site at 50 - 60 WharfRoad, N1. The buyer is United House Ltd. The consideration will be partly incash and partly in the construction for Workspace of a new commercial buildingon part of the site. The deal is worth in excess of £10 million to Workspace. Workspace obtained planning consent in March 2005 for a mixed use redevelopmentof the site, which is situated in an attractive location with frontage to theRegent's Canal and Wenlock Basin, north of the City and on the Hackney/Islingtonborder. The consent allows for the demolition of the existing buildings, to bereplaced by a development comprising 30,000 sq ft of small unit commercial spaceand seventy-seven residential units in buildings of up to ten storeys in height.The rental value of the commercial space and associated basement car parking isestimated to be in the region of £550,000. Harry Platt, the Chief Executive, commented, " I am delighted to announce this deal, achieved after a lengthy planningprocess which started in 2003 and which required two separate applications and aplanning appeal. United House will be developing the scheme, which includes thereplacement of old workspace with new. This allows us to maintain a long termincome from the site by meeting the needs of local small businesses in modernpurpose built accommodation, on flexible terms." " Alternative use potential is important to Workspace. In every situation weconsider carefully how we can take a building forward to add more value toshareholders. Sometimes this process can be achieved quickly. It can also taketime. This announcement demonstrates how we work and the value we achieve." -ends- Date: 13 DecemberFor further information: Workspace Group PLC cityPROFILEHarry Platt, Chief Executive Simon CourtenayMark Taylor, Finance Director Jonathan Gillen020-7247-7614 020-7448-3244e-mail: [email protected]: www.workspacegroup.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Workspace