The 11-acre Tower Bridge Business Complex on Clements Road in London SE16 – known as the Biscuit Factory – is owned by Workspace. Workspace obtained planning consent in May 2013 for 800 new residential units on seven acres of the site together with 60,000 sq ft of new business space.
Workspace has now sold the residential redevelopment site to Grosvenor for £51m. Under the terms of the deal, Grosvenor will also build a new £11m commercial building for Workspace, on the land retained by Workspace
The new residential scheme and new commercial space replace 330,000 sq ft of existing warehouse and light industrial units, valued at £29m.
Workspace Group chief executive Jamie Hopkins said: "This is another milestone for Workspace in its redevelopment activity. We are delighted to have a partner of the calibre and track record of Grosvenor to take forward the residential component of the redevelopment. Once completed this will be a thriving residential and business location, providing Southwark with its largest hub for small and growing businesses. This partnership will deliver significant value for our shareholders and considerable benefit to the local community.”