Workspace Group PLC (LON:WKP) today announced the exchange of contracts for the disposal of Bow Office Exchange in Bow, E3, for £11m. The sale will complete on vacant possession, which is expected to be achieved in Autumn 2019.
The site currently comprises 37,000 sq. ft. of workshop and light industrial space and has been sold without planning to a residential developer for a potential residential redevelopment. The sale price is at a net premium, after costs, of 10% to the 30 September 2018 valuation.
Jamie Hopkins, Chief Executive Officer of Workspace, commented:
“This disposal demonstrates our ongoing focus on generating value from our portfolio. We are pleased to have agreed the sale at a premium to book value and look forward to recycling the proceeds into our extensive project pipeline.”
