Workspace has obtained planning consent for the £55m redevelopment scheme which comprises a new 63,000 sq ft business centre and 72 apartments and houses replacing 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, funded entirely by the house builder, 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 overage of 30% on private residential sales in excess of £33.1m (equating to a sales value of £750 per sq ft).
Workspace owns and manages 100 properties with some 5.5m sq ft of commercial space across London.
This is the second of these projects to have been announced, the first having been signed in March 2011 with developer, Mount Anvil, for a £80m mixed use scheme in Wandsworth Town Centre.
A number of similar projects are being 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.