Workspace secures further planning approval for £15m business centre at The Shaftesbury Centre

By James Wallace - Tuesday, April 10, 2018 11:39

Workspace Group has been granted planning permission for a major refurbishment at The Shaftesbury Centre in Ladbroke Grove, as the listed flexible London office owner and managers’ development pipeline continues.

The existing 13,000 sq ft building, valued at £4m at 30 September 2017, will be replaced by a new four-floor business centre, providing 41,000 sq ft of net lettable space at an estimated cost of £15m.

The Shaftesbury Centre is a five-minute walk from Ladbroke Grove with its shops and restaurants, and a 15-minute walk from both Ladbroke Grove and Kensal Green stations. It is part of a cluster of five Workspace properties in this vibrant area, directly opposite Pall Mall Deposit, which is currently undergoing a major refurbishment. Once complete, the two centres will provide a broad range of services to customers, including a café and gym facilities.

Jamie Hopkins, chief executive of Workspace, said: “We are delighted with this decision, another positive planning consent which extends our exciting pipeline of refurbishments. The Shaftesbury Centre demonstrates our ongoing strategy to drive value from our existing portfolio as we continue to see strong customer demand for high-quality business centre space across London.”

Workspace owns and manages 3.6m sq ft of business space across 66 London properties. Last month, Workspace was granted planning permission for a significant mixed-use redevelopment at its Chocolate Factory and Parma House properties in Wood Green. The planning consent is for an extensive redevelopment across the 2.3-acre site with 230 new homes (including 35% of affordable housing) and 26,000 sq ft of new office space, with the loss of 89,000 sq ft of office and light industrial space.

The Chocolate Factory and Parma House properties currently provide 149,000 sq ft of office and industrial space, with a combined valuation of £31m at 30 September 2017.

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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