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Latest update: 26/05/2016
Ethical Property Company has just completed the purchase of 244-254 Cambridge Heath Road in Bethnal Green, London. Working with architect Waugh Thistleton, leading specialists in sustainable building design, they are preparing a planning application to redevelop the site to provide approximately 50,000ft² of workspace. The project is being funded by the proceeds from the recent sale of Development House in Old Street in London, to Singaporean investor City Developments Limited (CDL) for £37.4m.
Development House is an example of Ethical Property’s successfull portfolio management strategy to provide flexible workspaces for the social sector by developing in fringe locations, supporting local community regeneration and reinvesting in local economies. Another example is The Foundry, the award winning building in Vauxhall that supports social justice and human rights organisations.
The new Centre in Bethnal Green will contain nearly twice the amount of space enabling Ethical Property to respond to soaring demand as a result of rising rents and loss of office space across the capital. It will be built with sustainable materials and designed to have a significantly reduced carbon footprint, providing tenants lower operating costs.
Following the share issue in 2015, EPC's net asset value (or NAV) was £1.55 per share. The sale of Development House will add approximately £1.30 to the value. Before factoring in other changes, this gives a total of £2.85.
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