Workspace divests business park in East London

Workspace divests business park in east London

London-based flexible office provider Workspace Group has sold Highway Business Park in Limehouse, E14, and an adjoining property owned by Canada Life Investments.

Highway Business Park comprises 20,000 sq. ft. of light industrial space.

Workspace will receive £23.7m for its share of the sale, a significant premium to the 30 September 2021 valuation of £11.6m.

Graham Clemett, Chief Executive Officer of Workspace, commented: “Highway Business Park is a site where we had previously gained planning consent for a mixed-use scheme comprising residential units and a new business centre in an attractive East London location. However, we are always focused on maximising value from our assets and, in this case, we have achieved a significantly higher return by selling the site for an urban logistics scheme.”