22nd Sep 2015 06:46
LONDON (Alliance News) - Workspace Group PLC said Tuesday it has been granted planning permission for the redevelopment of the Rainbow Industrial Estate in Raynes Park, southwest London.
The site was valued at GBP10.5 million in March. Workspace plans to replace the existing buildings with a redevelopment comprising of 224 residential units - a mix of town houses, private apartments and 15% affordable housing, and 37,000 square foot of commercial and light industrial space.
"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," said Chief Executive Jamie Hopkins in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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