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11 July 2000
Urban Regeneration at Three Mills East London film studios continues with residential scheme
Workspace Group PLC ("Workspace"), the small business landlord, announces a joint venture with Copthorn Homes Limited, a subsidiary of housebuilder Countryside Properties PLC, to develop a residential scheme at its Three Mills Film Studios site in Bow, East London. The proposed development will, subject to planning permission, comprise a mix of 58 live/work units and apartments on a 0.8-acre site.
The scheme will enhance the regeneration of the Three Mills Film Studios Scheme, a 20-acre site with 600,000 sq. ft of lettable space in over 120 units. The site is a further example of Workspace's ability to add value through the active management of its property portfolio. It is projected that the scheme will have an end-value of approximately £5 million.
Harry Platt, Chief Executive of Workspace said,
" This a new step for Workspace. In the past we have sold properties for residential development. Now in this new Joint Venture with Countryside, we have the skills and expertise to develop sustainable mixed use schemes which will enhance our own Workspace product.
"The Three Mills Film Studio Scheme is now moving ahead well. It was a semi-derelict, redundant gin distillery before we spotted its potential. It is now a thriving project with a mix of small businesses. This residential scheme will further enhance the value that we are creating at the site. It is a classic example of how we are able to enhance the value of our properties by exploring alternative uses."
Graham Cherry, Chief Executive of Countryside Properties PLC said,
" Countryside is delighted to be involved with Workspace in this project. We have an excellent track record in sustainable mixed use urban regeneration schemes, and our portfolio of such projects is continuing to expand. I am confident that our relationship with Workspace will yield further opportunities for schemes of this nature in the future."
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Information correct as at 11/07/2000