Workspace sells mixed-use redevelopment site

Flexible office operator Workspace Group has offloaded one of its non-core assets, striking a deal to sell a mixed-use redevelopment site in Wimbledon, south-west London. The company has exchanged on the £20.3m sale of Rainbow Industrial Estate, a redevelopment site in Raynes Park at which it has secured planning consent for 224 homes and 37,000 sq ft of light industrial space. The site has been sold to an unnamed buyer for £20.3m, £1m below the March 2024 valuation, at a net initial yield of 3.5%. Workspace chief executive Graham Clemett said: “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.”