Workspace Group has sold the second phase of its mixed use development at Bow Enterprise Park, E3, to Peabody Enterprises.
The second phase comprises 160 flats and 3,000 sq ft of commercial space. Peabody will pay £11m in cash once vacant possession has been achieved, which is expected to be May 2015, and will return the new commercial space to Workspace.
The site is adjacent to the first phase of the development which was also sold to Peabody in 2012 and is under construction.
Workspace obtained planning consent on this four-acre industrial estate for 557 flats and 50,000 sq ft of commercial space in 2011.
The third and final phase, comprising 130 flats and 33,000 sq ft of commercial space, will be marketed in due course.
The repositioning of the Bow Enterprise Park, located adjacent to Devons Road DLR station, will contribute to the transformation of this part of Bow which is already underway with several other large-scale residential developments.
Workspace chief executive, Jamie Hopkins, said: “We are delighted to announce the sale of the second phase of our mixed use scheme in Bow. This development will not only benefit fast growing businesses, helping to mitigate the high demand for space, but also the wider community.
“The redevelopment will also provide a significant boost to both the capital value and rental income of the site and demonstrates our ability to add significant value through asset management.”
bridget.oconnell@estatesgazette.com
