Workspace Group PLC (‘Workspace’), London’s leading provider of sustainable, flexible workspace, has announced the successful sale of The Planets, a significant residential redevelopment site in Woking, for a total of £13.0 million.

The Planets, part of the McKay portfolio acquired by Workspace in May 2022, had received planning consent in November 2022 for the development of 366 residential units. The sale price reflects an 18% (£2 million) premium over the site’s March 2024 valuation, underscoring the strategic value and strong demand for high-quality residential redevelopment opportunities in the region.

The proceeds from the sale are expected to be reinvested into expanding Workspace’s portfolio of flexible workspaces, ensuring the company remains at the forefront of meeting the evolving needs of businesses in the capital.

Graham Clemett, Chief Executive Officer of Workspace, commented: “This disposal is a further example of our strategy to continually recycle capital into our extensive project pipeline, whilst also strengthening our balance sheet.”