Workspace Group has sold its mixed-use Marshgate Business Centre in Stratford as part of a cash plus asset swap deal with Anthology London.
The Marshgate redevelopment, which comprises 200 residential units and flexible office space, has been acquired by Anthology London for £15m in cash alongside the exchange of a new 33,000 sq ft business centre.
Marshgate is located in the Pudding Mill area, 400 yards from the Olympic stadium and close to Pudding Mill station on the DLR. The 2.5-acre site was converted from 93,000 sq ft of light industrial space into 200 residential units, including a mix of townhouses, apartments and 17% affordable housing, and a new 34,000 sq ft business centre by Workspace.
Jamie Hopkins, chief executive officer of Workspace, said: “Our redevelopment projects generate strong returns for shareholders and, 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.”