Workspace sells last phase of Bow Enterprise Park

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, London E3 on Monday.

The FTSE 250 firm said the final phase of the redevelopment, comprising 130 residential units, had been sold for £6.3m in cash and the return of a new 40,000 square foot business centre.

According to the board, the sale was in line with the 31 March 2017 valuation.

“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,” said CEO Jamie Hopkins.

“This sale reinforces our strategy to drive value from our portfolio as we continue to see demand for residential development sites in London.”