Workspace Group has been granted planning permission for a redevelopment project in London.

Mixed-used planning consent has been secured to transform Rainbow Industrial Estate in Raynes Park

The estate is located in the London Borough of Merton and currently contains low rise industrial units and open yard.

In March 2015, the site was valued at £10.5m.

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Workspace will replace the existing buildings with 224 residential units, including a mix of townhouses, private apartments, 15% 'affordable' housing and 37,000 sq ft of commercial and light industrial space.

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."

(LM/CD)