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Workspace gets planning consent for Raynes Park redevelopment

Michele Maatouk

LONDON (ShareCast) - (ShareCast News) - Property company Workspace Group (LSE: WKP.L - news) has been granted planning permission for the redevelopment of Rainbow Industrial Estate in Raynes Park, which was valued at £10.5m in March this year. The estate is situated 500m from Raynes Park train station and currently consists of low rise industrial units and an open yard.

Workspace said it has secured mixed use planning consent to replace the existing buildings with a redevelopment comprising 224 residential units, including a mix of townhouses, private apartments and 15% affordable housing, and 37,000 square feet of new commercial and light industrial space.

Chief executive Jamie Hopkins said: "We are delighted to have received planning permission for this redevelopment in Raynes Park, which is the result of significant collaboration between Workspace and Merton Council's Planning team over a number of years.

"The redevelopment will considerably increase the capital value of the site, reinforcing our ability to drive shareholder returns through active asset management." At 0845 BST, Workspace was down 0.1% at 916p.