Workspace sold two residential developments in Southall and Wandsworth to fund its refurbishments projects. The company received £20M in cash and 17k SF of new commercial space in total consideration.
Galliard Homes bought The Arches Business Centre in Southall (shown) for £13M; the site already has planning consent for 110 residential units, according to Digital Look.
In Wandsworth, the Light Bulb Property was snapped up by Strawberry Star for £7.75M, which includes planning permission for 77 residential units.
Workspace CEO Jamie Hopkins said the proceeds from the disposals will be used to progress the company’s refurbishment pipeline.
Additionally, Workspace was recently granted planning permission to redevelop the Mare Strett Studios in Hackney. The site consists of 38k SF of office and light industrial space, and was valued at £9.4M in March 2016.
Workspace has been granted planning permission to refurbish the site, upgrade the space and add a roof extension. The new 55k SF business centre will contain a café, meeting rooms, co-working space, cycle storage and showers, and communal breakout areas.
Workspace owns 65 properties across London and is home to about 4,000 companies. [DL]
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