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Raynes Park development to go ahead

Raynes Park development to go ahead

A major redevelopment scheme in the London Borough of Merton has won planning permission, clearing the way for a new mixed-used scheme in Raynes Park on the site of the former Rainbow Industrial Estate.The refurbishment will create 224 homes, spread over six blocks of flats and townhouses. These will be between five and seven storeys tall, and 15 per cent of the properties will be affordable.Housing shortages are a particularly acute problem in Merton and other areas in south west London, so it is hoped that the development will go some way towards addressing this.There will also be 37,000 sq ft of commercial space, which will be divided between light industrial and retail concerns. This will keep an aspect of the area’s heritage alive, while still providing essential housing.Workspace will be carrying out the development, which is believed to be worth approximately £85 million. It is believed that the units will be particularly desirable due to their proximity of Raynes Park railway station, which is only 500 metres away.Commenting on the news, 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."There are currently a variety of low-rise industrial buildings on the site (along with open yard space), which was valued at £10.5 million when it was sold in March 2015. Workspace claims that the development will significantly improve employment at the Rainbow Industrial Estate, as well as in the surrounding areas.Further details, including choice of contractors, have yet to be announced. 

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