London-based flexible office space provider Workspace Group has sold the residential component of the Riverside mixed-use redevelopment in Wandsworth, SW18, for £53.95m.
£43.95m is payable immediately with the remaining £10m payable in March 2024, the REIT said in a press release.
Workspace initially secured planning consent for 402 residential units and a 153,000 sq ft business centre in December 2020. In September 2022, a planning amendment was approved to increase the number of residential units to 433.
The scheme is a mixed-use regeneration scheme, combining two Workspace sites for redevelopment: the Riverside light-industrial and business complex, and a former Mecca Bingo Hall.
The redevelopment will be delivered in six phases, with the residential element including a range of one-, two-, three- and four-bedroom apartments, and 30% affordable housing.
Workspace will construct a major new business centre, Riverside Factory, providing 153,000 sq ft of net lettable space, designed to cater to London’s SME community. The centre will comprise a mixture of ground floor light-industrial space and five storeys of workshop and commercial space.
Graham Clemett, Chief Executive Officer of Workspace, commented: “We are delighted to have completed the sale of the residential element of this exciting Wandsworth mixed-use regeneration scheme, overlooking the River Wandle and King George’s Park.
“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“By repositioning outdated sites into attractive, sustainable mixed-use space, we can extend our strong footprint of high-quality workspace across London and deliver on our strategy of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.”