Workspace agrees sale-and-construct deal for Faircharm Estate

6th May 2014 07:58

Serviced office group Workspace has agreed to sell the residential portion of its Faircharm Estate to London & Quadrant, who will develop an adjoining business centre as part of the deal. Workspace will receive £9.5m in cash and a new 52,000 square foot business centre in return for the sale of the residential part of the Deptford, London site to L&Q, which will complete construction of the centre at no cost to Workspace.At September 2013 the property was valued at £9.4m. The cash will be received upon vacant possession, which is expected to be July 2014 and the new centre is expected to be completed in mid-2016.Workspace Chief Executive Jamie Hopkins said: "We are delighted to be partnering with L&Q on our Faircharm redevelopment. This is another important step in our on-going redevelopment programme to enhance both core operational income and capital values by repositioning key properties."The new business centre will be well located close to transport links and local amenities and is expected to be a hub for creative industries, which predominate in the Deptford Creek quarter, providing employment for up to 400 people on site.Shares in Workspace Group were up 0.43% to 578p in the first 10 minutes of trading on Tuesday. OH