Flexible workspace provider Workspace Group has completed the sale of the residential component of its mixed-use Riverside redevelopment in Wandsworth, London.
The sale was made for £54 mln (€61 mln), of which £44 mln (€50 mln) is payable immediately, while £10 mln (€11 mln) will be paid in March 2024.
Workspace initially secured planning consent for 402 residential units and a 14,214 m2 business centre in December 2020.
A planning amendment was approved in September 2022 to increase the number of residential units to 433.
CEO Graham Clemett said: ‘We are delighted to have completed the sale of the residential element of this exciting Wandsworth mixed-use regeneration scheme...We look forward to adding a major new business centre to our portfolio, which will sit adjacent to the residential development, with excellent access from Garratt Lane and just a five-minute walk from Earlsfield Railway Station. By repositioning outdated sites into attractive, sustainable mixed-use space, we can extend our strong footprint of high-quality workspace across London and deliver on our strategy of employment-led regeneration in the areas we operate in.’
The development will be delivered in six phases, with the residential component being made up of one, two, three and four bedroom apartments, of which 30% will be affordable housing.
The Riverside Factory business centre will target London’s SME community, with a mixture of ground floor light-industrial space and five storeys of workshop and commercial space.
The new residential and commercial space will be built to the highest sustainability standards, replacing EPC-E rated buildings with a new EPC-A rated business centre, featuring air source heat pumps, smart metering and extensive cycle storage facilities.
The project foresees major landscaping and public domain enhancements across the residential and commercial properties, including pocket parks, landscaped courtyards and terraces, residents' growing gardens, tree planting and a new Riverside Walk along the River Wandle.
