Housing & Residential: London Workspace announces sale of mixed-use redevelopment at Raynes Park November 8th, 2024 Deividas Krupstas Workspace Group PLC (‘Workspace’), London’s leading provider of sustainable, flexible workspace, is pleased to announce it has exchanged on the sale of Rainbow Industrial Estate, a redevelopment site in Raynes Park. Workspace secured planning consent for a mixed-use redevelopment of the site comprising 224 residential units and 37,000 sq. ft. of new light industrial space. The site has been sold for a total of £20.3m, £1.0m below the March 2024 valuation at a net initial yield of some 3.5%.Graham Clemett, Chief Executive Officer of Workspace, commented: “The sale of this redevelopment site in Raynes Park continues our disposal of non-core assets, recycling capital into our core portfolio where we see significant opportunity to generate strong returns from upgrading space and delivering on our major refurbishment projects.”
