Workspace Group has confirmed the sale of the first residential-led phase at Poplar Business Park, E14, to Telford Homes.
As tipped by Estates Gazette in July , the house builder has agreed the purchase of 170 homes and 8,000 sq ft of light industrial space.
Workspace will receive £16.3m once vacant possession at the site is achieved in February next year.
Planning consent for the four-acre industrial estate was secured in September 2013 for 392 flats and 70,000 sq ft of business and light industrial space. The overall site was valued by CBRE at £32.4m as at 31 March 2014.
Jamie Hopkins, chief executive officer of Workspace, said: “We are delighted to announce the sale of the first phase of our mixed-use scheme at Poplar, which demonstrates our ability to add significant value through asset management.”
Telford Homes chief executive Jon Di-Stefano added: “For the group’s development pipeline to be in excess of £1bn is an exceptional milestone and, along with a strong forward sold position, Telford Homes is in an excellent position to deliver substantial growth over the next few years.”
BNP Paribas Real Estate advised Workspace.
joanna.bourke@estatesgazette.com
