Workspace sells residential space at Bow Enterprise Park

4th Apr 2014 07:10

FTSE 250 Workspace Group has sold the residential part of the second phase of its mixed use development at Bow Enterprise Park in east London.The park was bought by Peabody Enterprises, which will pay £11m cash once vacant possession has been achieved, which is expected to be in May 2015, and will return the new commercial space to Workspace. The phase consists of 160 apartments and 3,000 square foot of commercial space. Peabody also bought the first phase in 2012. The company is planning to market the third and final phase in due course. Chief Executive Officer Jamie Hopkins said: "We are delighted to announce the sale of the second phase of our mixed use scheme in Bow. This development will not only benefit fast growing businesses, helping to mitigate the high demand for space, but also the wider community. "The redevelopment will also provide a significant boost to both the capital value and rental income of the site and demonstrates our ability to add significant value through asset management." NR