Business
WORKSPACE COMPLETES DISPOSAL OF RIVERSIDE
WORKSPACE COMPLETES DISPOSAL OF RIVERSIDE.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n 10 March 2023\n \n \n \n WORKSPACE GROUP PLC\n \n \n \n WORKSPACE® COMPLETES DISPOSAL OF RIVERSIDE RESIDENTIAL SCHEME\n \n \n \n \n \n Workspace Group PLC ('Workspace'), London's leading provider of flexible office space, is pleased to announce it has completed the sale of the residential component of the Riverside mixed-use redevelopment in Wandsworth, SW18, for £53.95m, in line with its September 2022 valuation. £43.95m is payable immediately with the remaining £10m payable in March 2024.\n \n Workspace initially secured planning consent for 402 residential units and a 153,000 sq ft business centre in December 2020. In September 2022, a planning amendment was approved to increase the number of residential units to 433.\n \n \n Delivering a major employment and residential regeneration in Wandsworth\n \n \n \n \n The scheme is a prime example of our mixed-use regeneration approach, combining two Workspace sites for redevelopment: the Riverside light-industrial and business complex, and a former Mecca Bingo Hall.\n \n Both the new residential and commercial space will be built to the highest sustainability standards. We are replacing our EPC-E rated buildings with a new EPC-A rated business centre, which will feature air source heat pumps, smart metering and extensive cycle storage facilities.\n \n There will be significant landscaping and public realm enhancements throughout the residential and commercial sites, including pocket parks, landscaped courtyards and terraces, residents' growing gardens, tree planting and a new Riverside Walk along the River Wandle.\n \n The redevelopment will be delivered in six phases, with the residential element including a range of one-, two-, three- and four-bedroom apartments, and 30% affordable housing.\n \n \n A new Workspace business centre: Riverside Factory\n \n \n Workspace will construct a major new business centre, Riverside Factory, providing 153,000 sq ft of net lettable space, designed to cater to London's SME community. The centre will comprise a mixture of ground floor light-industrial space and five storeys of workshop and commercial space.\n \n \n \n Graham Clemett, Chief Executive Officer of Workspace, commented:\n \n \n \"We are delighted to have completed th...