Redevelopment Scheme

RNS Number : 7473S

Workspace Group PLC

25 November 2011

 



pRESS rELEASE

WORKSPACE ADVANCES ITS REDEVELOPMENT PROGRAMME

WITH £55M SCHEME IN ISLINGTON

Workspace Group PLC, the leading provider of space to small and growing businesses in London, has entered into an agreement with Taylor Wimpey PLC to redevelop the Aberdeen Centre in Islington, N5.  Workspace has obtained planning consent for the £55m redevelopment scheme which comprises a new 63,000 sq ft Business Centre and 72 apartments and houses replacing 53,000 sq ft of existing studio and light industrial space on this 1.9 acre site.

The construction work will be undertaken by Taylor Wimpey at no cost to Workspace, and is expected to be completed by early 2014.  In return for the sale of the residential part of the scheme to Taylor Wimpey, Workspace will receive cash payments of £4.75m over the construction period,  a new Business Centre and overage of 30% on private residential sales in excess of £33.1m (equating to a sales value of £750 per sq ft).

Workspace owns and manages 100 properties with some 5.5m sq ft of commercial space across London, a significant number of which have potential for mixed use redevelopment.  This is the second of these projects to have been announced, the first having been signed in March 2011 with developer, Mount Anvil, for a £80m mixed use scheme in Wandsworth Town Centre.  A number of similar projects are being actively progressed with mixed use planning consent already achieved at Bow Enterprise, E3 and Grand Union in North Kensington, W10, for a total of 700 residential apartments and 166,000 sq ft of new Business Centre space.

-ends-

Date: 25 November 2011

For more information contact:

Workspace Group PLC                                                          City Profile

Harry Platt, Chief Executive                                                    Simon Courtenay

Graham Clemett, Finance Director                                        020 7448 3244

0207 7138 3300                                                         

 

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