Workspace sells Bow office site for £11m

Workspace has exchanged contracts for the disposal of Bow Office Exchange in East London for £11m.

The sale will complete on vacant possession, which is expected to be achieved this Autumn.

The site currently comprises 37,000 sq. ft. of workshop and light industrial space and has been sold without planning to a residential developer for a potential residential redevelopment. The sale price is at a net premium, after costs, of 10% to the 30 September 2018 valuation.

Chief executive officer Jamie Hopkins said: "This disposal demonstrates our ongoing focus on generating value from our portfolio. We are pleased to have agreed the sale at a premium to book value and look forward to recycling the proceeds into our extensive project pipeline."

At 0900 GMT, the shares were down 0.3% to 946p.