Workspace sells Stratford site for £15m plus new business centre

Workspace has sold the residential section of its Marshgate development in London’s Olympic park for £15m.

The FTSE 250 property developer said it exchanged contracts to sell the mixed use development, including 200 homes, in Stratford, East London, for cash. In return Workspace will also receive a new 33,000 sq ft business centre that it will operate.

Jamie Hopkins, Workspace’s chief executive, said: “Having successfully received planning consent on Marshgate, we are pleased to have now sold this scheme at a price in line with its valuation. With continued demand for our inspiring spaces and customer offer, we are looking forward to receiving this new business centre in the dynamic and increasingly popular Stratford location."

Workspace, which develops offices, industrial parks and other business properties, received planning permission for Marshgate in December 2015. Stratford has undergone large-scale regeneration since the 2012 Olympics, attracting businesses, shops and new residents though the changes have been criticised for being haphazard and faceless.