Workspace Group has sold two residential redevelopments for £21m in cash and 17,000 sq ft of new commercial space.
Workspace has agreed to sell Arches Business Centre in Southall, UB2, to Galliard Homes for £13m. The site has consent for 110 residential units, of which 28% are affordable.
It has also exchanged contracts with Strawberry Star for the sale of the residential element of the second phase of The Light Bulb in Wandsworth, SW18.
Workspace obtained planning consent on a vacant site for 77 residential units, with no affordable element, and 17,000 sq ft of new commercial space adjacent to the existing business centre.
Workspace will receive £7.75m and the new commercial space built to its specification.
Jamie Hopkins, chief executive of Workspace, said: “The sale of these two redevelopments demonstrates the ongoing demand for the residential schemes we are marketing and our ability to continue to generate significant value from our portfolio. The proceeds from these disposals will be used to progress our refurbishment pipeline and we look forward to receiving the new commercial space at The Light Bulb, which will be a great addition to our existing successful business centre.”
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