London-based real estate firm Workspace Group has received planning permission for a mixed-use development at Raynes Park in the south-west London Borough of Merton.

Planning consent has been granted for redevelopment of the Rainbow Industrial Estate, which will lead to replacement of the existing low-rise industrial units and open yard. In March the site was valued at £10.5m.

Under the new plan, the development will hold 224 residential units, including a mix of townhouses, private apartments and 15% affordable housing, along with 37,000ft2 of new commercial and light-industrial space.

"The redevelopment will considerably increase the capital value of the site, reinforcing our ability to drive shareholder returns through active asset management."

The residential units will be developed as six blocks of flats rising to between five to seven-storeys, and a terrace of nine houses.

The redevelopment is expected to ‘increase employment levels on the site, while providing much needed housing for the London Borough of Merton,’ Workspace Group said.

Workspace 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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"The redevelopment will considerably increase the capital value of the site, reinforcing our ability to drive shareholder returns through active asset management."

Workspace Group has owned and managed the Rainbow Industrial Estate for more than two decades.

The firm was considering ‘potential options for an employment-led mixed-use proposal’ at the site, in coordination with the local community. It presented the Merton Council with their ideas, followed by a consultation that was organised in 2012 to ponder future redevelopment at the site.