Telford Homes PLC Poplar Business Park redevelopment (9176S)
September 30 2014 - 2:00AM
UK Regulatory
TIDMTEF TIDMWKP
RNS Number : 9176S
Telford Homes PLC
30 September 2014
Press Release 30 September 2014
Telford Homes Plc
("Telford Homes" or the "Group")
Poplar Business Park redevelopment
Telford Homes (AIM:TEF), the London-focused residential property
developer, is pleased to announce that the Group has exchanged
contracts with Workspace Group PLC ("Workspace"), London's leading
provider of space to new and growing companies, to progress the
first of three phases in the redevelopment of Poplar Business Park,
E14.
The development of all three phases of Poplar Business Park will
create a total of 392 new homes in a location only 800 metres from
Canary Wharf and just to the North of the new Crossrail station.
Telford Homes has contracted to pay GBP16.3 million for the first
phase of the development, comprising 120 open market homes, 50
affordable homes and 8,000 square feet of light industrial space
which is being returned to Workspace. The development rises to 22
storeys with construction expected to be completed in 2018.
The total residential gross development value of the first phase
will be in excess of GBP75 million, taking Telford Homes'
development pipeline to over GBP1 billion of future revenue for the
first time in the Group's history.
Jamie Hopkins, Chief Executive Officer of Workspace, commented:
"We are delighted to announce the sale of the first phase of our
mixed use scheme at Poplar, which demonstrates our ability to add
significant value through asset management. By creating a thriving
business and residential hub, this redevelopment provides a
significant boost to the transformation of this area."
Jon Di-Stefano, Chief Executive of Telford Homes, said: "We are
delighted to partner with Workspace on this fantastic opportunity
and to be able to bring more new homes to the London market at a
time when they are desperately needed.
"For the Group's development pipeline to be in excess of GBP1
billion is an exceptional milestone and, along with a strong
forward sold position, Telford Homes is in an excellent position to
deliver substantial growth over the next few years."
- Ends -
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive Tel: +44 (0) 1992 809
800
Katie Rogers, Financial Director www.telfordhomes.plc.uk
Shore Capital - Nomad and Joint
Broker
Pascal Keane / Patrick Castle Tel: +44 (0) 20 7408
4090
Peel Hunt LLP - Joint Broker
Alex Vaughan / Hugh Preston Tel: +44 (0) 20 7418
8900
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7710
quincy.allan@abchurch-group.com www.abchurch-group.com
Click on, or paste the following link into your web browser, to
view the associated PDF document:
http://www.rns-pdf.londonstockexchange.com/rns/9176S_-2014-9-29.pdf
For further information, please see www.telfordhomes.plc.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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