Workspace sells Woking development for £13m

Workspace Group on Monday said it had sold a residential development in Woking, south of London, called 'The Planets' for £13m.

The company which provides flexible workspace said 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%, or £2m, premium to a March 2024 valuation.

"This disposal is a further example of our strategy to continually recycle capital into our extensive project pipeline, whilst also strengthening our balance sheet," said chief executive Graham Clemett.

Reporting by Frank Prenesti for Sharecast.com