LONDON: Workspace Group PLC, 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.”