Workspace Group secures planning permission for East London site

Workspace Group on Monday secured planning consent alongside Canada Life Investments for a significant mixed-use redevelopment on their adjoining properties in Limehouse, East London.

The real estate investment trust's share of the planning consent, which is 44% of the total, comprises 117 residential units and 31,000 square feet of new commercial space out of a total of 264 units and 70,000 square feet.

This will allow the company to replace the current 19,800 square foot light industrial building which was valued at £10.8m as at 30 September 2018.

The FTSE 250-listed company said that the "attractively located" site is just a short walk from both Limehouse and Shadwell railway stations.

Jamie Hopkins, chief executive of Workspace, said: "We are delighted to receive this planning consent. This redevelopment continues our strategy to deliver added value from our property portfolio."

Workspace Group's shares were down 0.10% at 975.00p at 0905 BST.