Member Article

Green light for Raynes Park redevelopment

Workspace Group has been granted planning permission for the redevelopment of Rainbow Industrial Estate in Raynes Park.

Rainbow Industrial Estate is situated 500m from Raynes Park train station and currently consists of low rise industrial units and open yard. The site was valued at £10.5m at March 2015.

Workspace 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 sq. ft. of new commercial and light industrial space.

The scheme will significantly increase employment levels on the site, while providing much needed housing for the London Borough of Merton.

Commenting on the announcement, Jamie Hopkins, chief executive of Workspace, 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.”

This was posted in Bdaily's Members' News section by Ellen Forster .