POPLAR BUSINESS PARK REDEVELOPMENT
Telford Homes (AIM:TEF), the London-focused residential property developer, is pleased to announce that the Group has exchanged contracts with Workspace Group Plc (“Workspace”), London’s leading provider of space to new and growing companies, to progress the first of three phases in the redevelopment of Poplar Business Park, E14.
The development of all three phases of Poplar Business Park will create a total of 392 new homes in a location only 800 metres from Canary Wharf and just to the North of the new Crossrail station. Telford Homes has contracted to pay £16.3 million for the first phase of the development, comprising 120 open market homes, 50 affordable homes and 8,000 square feet of light industrial space which is being returned to Workspace. The development rises to 22 storeys with construction expected to be completed in 2018.
The total residential gross development value of the first phase will be in excess of £75 million, taking Telford Homes’ development pipeline to over £1 billion of future revenue for the first time in the Group’s history.
Jamie Hopkins, Chief Executive Officer of Workspace, commented: “We are delighted to announce the sale of the first phase of our mixed use scheme at Poplar, which demonstrates our ability to add significant value through asset management. By creating a thriving business and residential hub, this redevelopment provides a significant boost to the transformation of this area.”
Jon Di-Stefano, Chief Executive of Telford Homes, said: “We are delighted to partner with Workspace on this fantastic opportunity and to be able to bring more new homes to the London market at a time when they are desperately needed.
“For the Group’s development pipeline to be in excess of £1 billion is an exceptional milestone and, along with a strong forward sold position, Telford Homes is in an excellent position to deliver substantial growth over the next few years.”
Workspace Plc were represented by BNP Paribas, Telford Homes were unrepresented.