Workspace sells biscuit factory

Office space provider Workspace has sold a large chunk of its 11 acre Tower Bridge Business Complex – also known as the biscuit factory – to Grosvenor for £51m. The Aim-listed group said yesterday that Grosvenor will develop the seven acres it has bought into a residential scheme with 800 new homes. As part of the deal the international property group will also build a new £11m office building for Workspace on the land it is keeping, paid for by Grosvenor. This will extend Workspace’s office space at the biscuit factory to 270,000 square feet. The group already won planning permission for 800 homes and 60,000 sq ft of office space earlier this year.