Flexible office provider Workspace Group has sold the residential component of the Riverside mixed-use redevelopment in Wandsworth for £53.95m, to an unnamed buyer, in line with its September 2022 valuation.
Workspace secured planning consent for 402 residential units and a 153,000 sq ft business centre at the site in December 2020 and in September 2022 a planning amendment was approved to increase the number of residential units to 433.
The redevelopment will be delivered in six phases, with the residential element including a range of one-, two-, three- and four-bedroom apartments, 30% of which will be affordable.
Workspace is also constructing a new Riverside Factory business centre at the site, which will comprise a mix of ground floor light-industrial space and five storeys of workshop and commercial space.
Graham Clemett, chief executive officer of Workspace, said: “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“By repositioning outdated sites into attractive, sustainable mixed-use space, we can extend our strong footprint of high-quality workspace across London and deliver on our strategy of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.”
