Workspace disposes of East London business park

Office space provider Workspace Group has disposed of Highway Business Park in Limehouse, East London, and an adjoining property owned by Canada Life Investments.

Workspace said on Monday that the sale of Highway Business Park, made up of 20,000 square feet of light industrial space, will provide the group with £23.7m for its share, a "significant premium" to its 30 September 2021 valuation of £11.6m.

Chief executive Graham Clemett said: "Highway Business Park is a site where we had previously gained planning consent for a mixed-use scheme comprising residential units and a new business centre in an attractive East London location.

"However, we are always focused on maximising value from our assets and, in this case, we have achieved a significantly higher return by selling the site for an urban logistics scheme."