Workspace Group (Workspace) has announced that it has exchanged contracts for the disposal of the third and final phase of the mixed-use redevelopment of Bow Enterprise Park, E3. It says that the final phase of the redevelopment, comprising 130 residential units, has been sold for £6.3m in cash and the return of a new 40,000 square foot business centre. Workspace says that the sale is in line with the 31 March 2017 valuation.
Jamie Hopkins, Chief Executive Officer of Workspace, says that, “This sale reinforces our strategy to drive value from our portfolio as we continue to see demand for residential development sites in London.”
About Bow Enterprise Park
Workspace says that Bow Enterprise Park provides brand new light-industrial spaces, each with roller shutters doors, 3 phase power and parking. The property is located just off Violet Road, which can be reached via Devons Road (B140). The latter connects the site directly to the Blackwall Tunnel Northern Approach A102 (M) which provides access to the M11 and North Circular to the north; with the A2 and A20 leading the way to the south. Devons Road DLR station is situated directly to the east of the premises, whilst Bromley-by-Bow tube (District line) and mainline railway stations are both within walking distance. Numerous bus routes in the area augment the centre’s connectability to the rest of London.
About Workspace Group
Workspace Group is a real estate investment trust (REIT) focused on the provision of flexible workspace for businesses in London.
Workspace says is its unique customer offer is Workspace Advantage. It describes Workspace Advantage as providing inspiring, flexible work spaces with super-fast technology in dynamic London locations.
Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages more than 3.5 million square foot of business space across 68 London properties. Workspace says that its properties are home to some 4,000 businesses including some of the fastest growing and established brands across a wide range of sectors.