29 July 2024
WORKSPACE GROUP
PLC
WORKSPACE®
ANNOUNCES
DISPOSAL OF WOKING RESIDENTIAL REDEVELOPMENT
Workspace Group PLC ('Workspace'),
London's leading provider of sustainable, flexible workspace, is
pleased to announce it has exchanged on the sale of The Planets, a
residential redevelopment site in Woking for a total of
£13.0m.
The redevelopment site formed part
of the McKay portfolio acquired in May 2022 and received planning
consent for 366 residential units in November 2022. It has been
sold at an 18% (£2m) premium to the March 2024
valuation.
Graham Clemett, Chief Executive
Officer of Workspace, commented:
"This disposal is a further example of our strategy to
continually recycle capital into our extensive project pipeline,
whilst also strengthening our balance sheet."
- 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
Duncan Pelham, Senior Corporate
Communications Manager
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 4.5 million
sq. ft. of sustainable space at 77 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