Workspace Group announced the exchange of contracts for the disposal of the third and final phase of the mixed-use redevelopment of Bow Enterprise Park.
Sale of the Redevelopment
The final phase of the redevelopment was sold for £6.3m in cash and the return of a new 40,000 square foot business centre according to Workspace. The redevelopment also consists of 130 residential units in the E3 area.
According to the board, the sale was in line with the 31 March 2017 valuation.
Commenting on the announcement, Jamie Hopkins, Chief Executive Officer of Workspace, said:
“We are delighted to have exchanged contracts to sell this redevelopment and look forward to receiving a new business centre located in such a vibrant and well-connected area of East London, adjacent to the Devon’s Road DLR station. This sale reinforces our strategy to drive value from our portfolio as we continue to see demand for residential development sites in London.”
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