London-based flexible workspace provider Workspace Group has sold its Rainbow Industrial Estate in Raynes Park, London, for £20.3 mln (€24 mln).
The sale price reflects a £1.0 mln (€1.2 mln) discount on its valuation from March 2025, reflecting a net initial yield of approximately 3.5%.
The deal also includes planning permission for a mixed-use development on the site, comprising 224 residential units and 3,437 m2 of light industrial space.
The sale aligns with the company's strategy of offloading non-core assets and reinvesting the proceeds into its core business.
Workspace Group CEO 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.’
Workspace currently manages 399,483 m2 of sustainable space at 73 locations in London and the South East.
