Green light for first phase of £3.5bn Silvertown Quays

Posted on December 20th, 2019 by admin

Joint developers Lendlease and US property giant Starwood Capital have been granted planning for the first phase of their £2bn Silvertown Quays redevelopment in East London’s Royal Docks.

Now derelict Millennium Mills will be transformed into a landmark flats complex

Phase one will see the refurbishment of an iconic Thames-side flour mill, known as Millennium Mills not used since the 1980s.

Construction will start in early 2021 to convert the 1920s industrial building into a new centre for business and enterprise alongside 1,000 homes.

The London Borough of Newham gave the joint venture partners, known as the Silvertown Partnership, the go-ahead for the first part of the 62-acre regeneration scheme.

Lendlease Europe is acting as development manager for the 7m sq ft scheme to redevelop the large swathe of former industrial land between Canary Wharf and London City Airport with offices and 3,500 homes.

The team of designers working on the project includes Prior and Partners, AHMM, dRMM, Pollard Thomas Edwards and Maccreanor Lavington, with Arup advising on transport and Aecom on infrastructure.

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How long for a sale transaction to be processed by lawyers?

Posted on December 17th, 2019 by admin

 

  • Nine in every ten home sellers expects to complete their property transaction within three months of their property being ‘Sold Subject To Contract’ (SSTC), according to results of the 2019 Property Academy Homemovers Survey. In reality, just over half (55%) met that timescale.

 

  • Research by proptech company, View my Chain, suggests the process from SSTC to completion takes 120 days. Obtaining a mortgage typically takes five to six weeks and the exchange and completion process over three.

 

  • In addition they calculate just over a month is spent organising and waiting for the return of searches, and another month to sort enquiries between vendor and purchaser.

 

  • Further to consultation initially carried out in 2017, the government published proposals earlier this year to improve the home selling process and make it “quicker, cheaper and less stressful”. Reservation agreements trials were due to take place in the new year.
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