Workspace Group has completed the sale of the residential element of the Riverside mixed-use redevelopment in Wandsworth, SW18, for £53.9m.
As part of the deal, £43.9m is payable upfront, with the remainder payable this time next year.
Plans for the six-phase re-development include combining the Riverside light-industrial and business complex, and a former Mecca Bingo Hall, to create the new residential and commercial spaces. The redevelopment will see EPC-E rated buildings replaced with the new EPC-A rated business centre.
Once complete, the new 153,000 sq ft Riverside Factory business centre will offer lettable light-industrial space at ground floor and five storeys of commercial space aimed at the SME market. It will include air source heat pumps, smart metering and cycle storage.
The residential component will offer one, two, three and four-bedroom apartments, of which 30% will be affordable. There will also be public realm upgrades, pocket parks, residents’ growing gardens, landscaped courtyards and a new Riverside Walk along the River Wandle.
Workspace Group was granted planning permission to build 402 residential units plus a 153,000 sq ft business centre in December 2020. Original plans were amended and re-approved in September 2022, with permission to add a further 31 residential units.
Graham Clemett, chief executive at Workspace, said: “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“By repositioning outdated sites into attractive, sustainable mixed-use space, we can extend our strong footprint of high-quality workspace across London and deliver on our strategy of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.”
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