Taylor Wimpey secures £55m London scheme

Aaron Morby 12 years ago
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Taylor Wimpey has signed a deal to redevelop work space units into apartments in North London.

The £55m scheme at the Aberdeen Centre in Islington follows a deal today with owners Workspace Group.

Workspace has already obtained planning consent for the project, which comprises a 63,000 sq ft business centre and 72 apartments and houses.

These replace 53,000 sq ft of existing studio and light industrial space on this 1.9 acre site.

The construction work will be undertaken by Taylor Wimpey at no cost to Workspace, and is expected to be completed by early 2014.

In return for the sale of the residential part of the scheme to Taylor Wimpey, Workspace will receive cash payments of £4.75m over the construction period, a new business centre and a 30% slice of private residential sales in excess of £33.1m.

Workspace owns and manages 100 properties with some 5.5m sq ft of commercial space across London, a significant number of which have potential for mixed use redevelopment.

This is the second of these projects for Workspace, the first was signed last March with developer Mount Anvil for a £80m mixed use scheme in Wandsworth Town Centre.

A number of similar projects are being actively progressed with mixed use planning consent already achieved at Bow Enterprise, E3 and Grand Union in North Kensington, W10, for a total of 700 residential apartments and 166,000 sq ft of new Business Centre space.

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