Taylor Wimpey secures £55m London scheme
Published: 08 December, 2011
LONDON: Taylor Wimpey has signed a deal to redevelop workspace units into apartments in Islington.
The £55m scheme at the Aberdeen Centre in Islington follows a deal today with owners Workspace Group.
Workspace has already obtained planning consent for the project, which comprises a 6000m2 business centre and 72 apartments and houses.
The construction work will be undertaken by Taylor Wimpey at no cost to Workspace, 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 a 30% slice of private residential sales in excess of £33.1m.