Out-Law / Your Daily Need-To-Know

Workspace and L&Q sign deal for 148 Deptford Homes

Out-Law News | 06 May 2014 | 2:08 pm |

Business space provider Workspace has entered an agreement with housing association London & Quadrant (L&Q) for the mixed use redevelopment of two factory buildings at the Faircharm estate in south east London's Deptford.

Lewisham Council granted planning permission to Workspace in May last year for the creation of 148 new flats, a 52,000 square feet business centre and new public open space on the 1 hectare site.

Under the terms of the agreement, Workspace will sell the residential part of the scheme to L&Q in return for £9.5 million in cash and the delivery of the business centre. The cash payment will be made upon vacant possession of the buildings, which is expected in July this year. The business centre is expected to be completed in mid-2016.

“We are delighted to be partnering with L&Q on our Faircharm redevelopment," said Workspace chief executive Jamie Hopkins in a statement. "This is another important step in our on-going redevelopment programme to enhance both core operational income and capital values by repositioning key properties," he said.

“New homes and the newly developed and tailored business centre will all help strengthen the local economy, improve opportunities for businesses, and build upon Deptford’s reputation for creative excellence. It will also be in keeping with the ongoing regeneration of the Deptford High Street and Town Centre and we have committed to support this by helping improve health facilities, education, employment, housing, public open space and transport,” said Hopkins.