WORKSPACE GRANTED PLANNING CONSENT IN RAYNES PARK

RNS Number : 7307Z

Workspace Group PLC

22 September 2015

 

22 September 2015

WORKSPACE GROUP PLC

WORKSPACE GRANTED PLANNING CONSENT IN RAYNES PARK

Workspace Group PLC ("Workspace"), home to London's new and growing companies, is pleased to announce it 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."

ENDS

For media and investor enquiries, please contact:

Workspace Group PLC	020 7138 3300
Clare Dundas, Head of Corporate Communications
Bell Pottinger	020 3772 2562
Victoria Geoghegan Nick Lambert Elizabeth Snow

Notes to Editors

About Workspace Group PLC:

·	Workspace is a FTSE250 property company and has been listed on the London Stock Exchange since 1993
·	Workspace owns 84 properties all across London and is home to some 4,000 new and growing companies
·	Workspace provides the right properties in the right locations to attract its customers and the right services to retain them and help them grow
·	Workspace itself is growing through deep market knowledge, operational excellence and strong customer relationships
·	For more information on Workspace, please visit www.workspace.co.uk

 

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