8 November 2024
WORKSPACE GROUP
PLC
WORKSPACE®
ANNOUNCES
DISPOSAL OF RAYNES PARK MIXED-USE REDEVELOPMENT
Workspace Group PLC ('Workspace'),
London's leading provider of sustainable, flexible workspace, is
pleased to announce it has exchanged on the sale of Rainbow
Industrial Estate, a redevelopment site in Raynes Park. Workspace
secured planning consent for a mixed-use redevelopment of the site
comprising 224 residential units and 37,000 sq. ft. of new light
industrial space. The site has been sold for a total of £20.3m,
£1.0m below the March 2024 valuation at a net initial yield of some
3.5%.
Graham Clemett, Chief Executive
Officer of Workspace, commented:
"The sale of this redevelopment site in Raynes Park continues
our disposal of non-core assets, recycling capital into our core
portfolio where we see significant opportunity to generate strong
returns from upgrading space and delivering on our major
refurbishment projects."
- ENDS
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For
media and investor enquiries, please contact:
Workspace Group
PLC
Paul Hewlett, Director of Strategy
& Corporate
Development
020 7138 3300
Clare Marland, Head of Corporate
Communications
FGS
Global
Chris Ryall
020 7251 3801
Guy
Lamming
Notes to Editors
About Workspace Group
PLC:
Workspace is London's leading owner
and operator of flexible workspace, currently managing 4.3 million
sq. ft. of sustainable space at 73 locations in London and the
South East.
We are home to some 4,000 of
London's fastest growing and established brands from a diverse
range of sectors. Our purpose, to give businesses the freedom to
grow, is based on the belief that in the right space, teams can
achieve more. That in environments they tailor themselves, free
from constraint and compromise, teams are best able to collaborate,
build their culture and realise their potential.
We have a unique combination of a
highly effective and scalable operating platform, a portfolio of
distinctive properties, and an ownership model that allows us to
offer true flexibility. We provide customers with blank canvas
space to create a home for their business, alongside leases that
give them the freedom to easily scale up and down within our
well-connected, extensive portfolio.
We are inherently sustainable - we
invest across the capital, breathing new life into old buildings
and creating hubs of economic activity that help flatten London's
working map. We work closely with our local communities to ensure
we make a positive and lasting environmental and social impact,
creating value over the long term. Workspace was established in
1987, has been listed on the London Stock Exchange since 1993, is a
FTSE 250 listed Real Estate Investment Trust (REIT) and a member of
the European Public Real Estate Association (EPRA).
Workspace® is a registered trademark
of Workspace Group PLC, London, UK.
LEI: 2138003GUZRFIN3UT430
For more information on Workspace,
visit www.workspace.co.uk