Uncategorized

£1.3bn revamp plan for South London shopping centre

Landsec has submitted ambitious plans to redevelop 1970s-built Lewisham shopping centre in south London into a new town centre district around an urban meadow.

 

 

The 17-acre masterplan will retain parts of the shopping centre while allowing room for 1,700 new homes alongside 445 co-living flats in a 23-storey building and up to 660 student beds in a 15-storey building.

The new district will be built around eight-acres of green space and public realm, including an urban meadow above a central podium building connecting much of the wider scheme consisting of around 14 major building projects.

Masterplan to redevelop 1970s-built shopping complex will be a decade-long build

Landsec’s masterplan, designed by SEW, includes a detailed application for the first two residential buildings, designed by Mae Architects, Studio MULTI and Archio.

On top of a reimagined shopping centre will be a pedestrianised high street lined with restaurants, cafes and bars.

A 500-capacity live music venue will act as a focus for the area’s cultural scene.

Urban meadow on top of new podium linking high rise residential buildings

Mike Hood, CEO of Landsec U+I said: This submission marks an important milestone to create a new green centre for Lewisham.

“For the last 20 years our team has been embedded within the community and I’m delighted that we were able to create this vision with thousands of people in Lewisham through one of our most extensive public engagement programmes.”

Demolition of the current shopping centre and the construction of the new one will start in 2026 to be delivered in phases over around 10 years.

LandsecU+I’s planning application will be considered by Lewisham council’s strategic planning committee next year.

New shopping centre below elevated meadow and public realm

Read More

Cost of fixing unsafe cladding soars to over £16bn

Independent spending watchdog, the National Audit Office, believes it will cost over £16bn to fix unsafe cladding on all buildings over 11m in the country.

 

Spending watchdog warns cost to tax payers of dealing with the building fire safety crisis risks being higher than the planned £5.1bn cap
Spending watchdog warns cost to tax payers of dealing with the building fire safety crisis risks being higher than the planned £5.1bn cap

 

The huge cost of widening the scope of buildings needing to fix fire safety problems beyond 18m tall to lower rise building of 11m height was revealed in a new report from the spending watchdog.

Between 9,000 and 12,000 buildings above this height are now estimated to need cladding retrofits.

More than 7,200 of those buildings are yet to be officially identified. And the NAO fears identifying and remediating this huge backlog could take many more years than the 2035 date presently plugged into Government spending estimates for the programme.

To make all these buildings safe could drag on into the next decade, leaving residents “living with the fear of fire and costly bills”, says the report.

Now the NAO has called on the Ministry of Housing, Communities and Local Government to set a hard deadline to complete works to all unsafe buildings. 

Gareth Davies, head of the NAO, said: Seven years on from the Grenfell Tower fire, there has been progress, but considerable uncertainty remains regarding the number of buildings needing remediation, costs, timelines and recouping public spending. There is a long way to go before all affected buildings are made safe, and risks MHCLG must address if its approach is to succeed.

“Putting the onus on developers to pay and introducing a more proportionate approach to remediation should help to protect taxpayers’ money. Yet it has also created grounds for dispute, causing delays.

“To stick to its £5.1bn cap in the long run, MHCLG needs to ensure that it can recoup funds through successful implementation of the proposed Building Safety Levy.”

The government significantly changed the types of buildings within scope for its programmes, and its approach to remediation, as the scale and impact of the cladding problem has become clearer.

Mandatory registration of high-rise buildings under the Building Safety Act 2022 has helped to advance works and identified nearly all of the high rise buildings at risk.

But there is no mandatory registration for the thousands more medium-rise buildings of 11m to 18m.

Of the 4,771 buildings now in the government’s sight – the equivalent of 258,000 homes – remediation work has yet to start on over half, with around one third complete.

Of all the 9,000-12,000 buildings estimated to be potentially in scope, work is complete for only 12-16%. 

To keep taxpayer contributions within a £5.1bn cap over the long-term, the Government plans to recoup £700m through refunds from developers for remediation works already funded by the taxpayer, and around £3.4bn from the new Building Safety Levy.

In 2023-24 there were potential losses of over £500,000 through fraud by one applicant, which has led the MHCLG to tighten its counter fraud procedures in the management of the Building Safety Fund. 

The NAO report also said the Government needed to do more to ensure that its policies were not working at cross-purposes. 

The Government has accepted there may be overlaps between its remediation programmes and wider government priorities, from decarbonisation to building new homes.

Read More

Consultants named for London Tube Bakerloo Line extension

Transport for London has picked AECOM and WW+P to deliver the feasibility study on four new stations as part of the Bakerloo Line Extension project. Work on the feasibility study will be carried out over the next eight months, with the four new stations – Burgess Park, Old Kent Road, New Cross Gate, Lewisham.

The project is expected to cost between £5bn and £8bn and could be operational by 2040 according to TfL, subject to planning and funding approval.

WW+P, which is lead architect for the project, will focus on the design aspects with AECOM responsible for all engineering matters, including civil, structural, mechanical and geotechnical engineering, as well as stakeholder engagement and consent.

Steve Bell, Regional Director – Europe at WW+P said: “We’re pleased that our work could see the progression of one of the most significant next programmes of regeneration in the region centred around transport-oriented development.”

Unlike most Underground lines, the Bakerloo line currently terminates in Zone 1 in central London, with its final stop at Elephant & Castle. This has been the case since the line opened in 1906, with various proposed extensions over the past century.

The current proposal will see the line run to Lewisham in Southeast London, improving accessibility and reducing journey times to the city centre.

Read More

Ballymore JV picked for £500m King’s Cross scheme

London’s Camden council has picked developer Ballymore and life sciences developer Lateral to deliver its £500m mixed-use Camley Street project in the King’s Cross Knowledge Quarter.

 

Camley Street and Cedar Way masterplan to expand Kings Cross Knowledge Quarter
Camley Street and Cedar Way masterplan to expand Kings Cross Knowledge Quarter

 

The development plan is focused on regenerating two nearby former light industrial sites at Camley Street and Cedar Way covering around 3.56 acres.

The planned redevelopment will deliver around 350 homes around 170 of these will be genuinely affordable homes and more than 200,000sq ft of commercial space.

Ballymore and Lateral will now form a joint venture and work with Camden Council and local residents to develop these plans before submitting for planning during the second half of 2025.

Feilden Clegg Bradley Studios are masterplanner and lead architect appointed by the council for both sites

Subject to planning permission being secured the joint venture would then acquire 3–30 Cedar Way Industrial Estate (Site B’ – 2.37 acres) on a long leasehold to deliver commercial space, private residential units and affordable homes.

Camden Council would directly deliver affordable housing and affordable commercial space on 120–136 Camley Street (Site A’ – 1.19 acres). 

John Mulryan, managing director, Ballymore said:  “Camley Street presents significant opportunities for both the Borough of Camden and London as a whole.

“It’s a huge site which has immense potential, and its success will rely on effectively connecting into the Knowledge Quarter ecosystem, ensuring the benefits are accessible to all and reach far and wide.”

Read More

Plan in for 4,000 homes at Earls Court in London

The Earls Court Development Company has lodged plans for its 7.5m sq ft masterplan to develop central London’s largest cleared development site.

 

Work to start on Earls Court scheme in 2026
Work to start on Earls Court scheme in 2026

 

The former site of the now demolished Earls Court Exhibition Centres will be transformed into a new £6bn West London neighbourhood of 4,000 homes set within 20 acres of new public open and green space.

Outline plans also provide for 2.5m sq ft of workspace and three new anchor cultural venues.

Developer Delancy, which bought the site four years ago, also submitted detailed plans for phase one due to start construction in 2026.

Warwick Square site opposite the Earls Court Tube station

This will include the first commercial spaces, around 1,500 new homes in a mixed of for rent, market sale , students and later living homes set around Table Park at the heart of the site.

The first phase will include a landmark 45-storey residential building to put Earls Court on London’s skyline.

Landmark residential buildings

Delancey is bringing forward the 40-acre transformation in a development partnership with Dutch pension fund manager APG and Transport for London’s property company.

Studio Egret West and Hawkins Brown are the masterplan architects for Earls Court, alongside nature-based design studio SLA (Stig Lennart Andersson) as landscape architects. They are working alongside Sheppard Robson, Serie Architects and dRMM, ACME, Haworth Tom.

Rob Heasman, chief executive of ECDC, said: “We understand our responsibility to deliver much-needed homes and employment opportunities for London, and nearly half the site will be devoted to green and open public space.”

Table Park at the heart of Earls Court proposals

Jamie Ritblat, Founder and Chairman of Delancey, said: “Our focus has been on delivering value— environmentally, emotionally, and economically—while keeping the future in mind. Though we can’t predict the 22nd century, we have aimed to build with longevity, crafting streets and places that will become part of London’s fabric.

“It is unique for a development of this scale and importance to put spaces first, and buildings second. Despite economic challenges, we are proud of the result and grateful for the support of our partners. We believe this project is a beacon of hope for the capital’s future as a leading global city.”

The ambitious scheme is due to be completed in 2041

Read More

Barratt profit nosedives as margin slumps to 4.2%

The housing slowdown and yet more provisions for legacy building fire safety projects saw pre-tax profits at Britain’s biggest house builder plunge by just over three quarters to £170m from £705m in the prior year.

 

Barratt chief forecasts another subdued year of house completions ahead
Barratt chief forecasts another subdued year of house completions ahead

 

Housing completions fell by nearly a fitfh to 14,000 in the year to June with Barratt warning that this year’s level of completions will be even lower at 13,000 to 13,500.

Along with a 4% fall in sale prices revenue fell 22% to £4.2bn.

During the year, Barratt adjusted site-based construction activity to lower reservations, with an average of 257 equivalent homes constructed each week, 20% below the 322 average weekly equivalent in the prior year.

Headcount at the business has fallen by 12% since the recruitment freeze introduced in September 2022.

The expected cost of delivering essential building safety work on finished developments also rose again as the firm continued to take stock of its assets.

Around half of Barratt’s portfolio under review has been assessed under the Fire Risk Assessment of External Walls with 26 more buildings found to need remedial works.

Barratt said it was pressing ahead with remedial work as quickly as possible. Of the 262 buildings now under review at year end, 137 were in progress at tender, site mobilisation or remediation stage.

The additional works raised provisions for fire safety and external wall systems by £126m to a total £628m.

Separate problems with concrete frame design at a further two developments in addition to its large Citiscape flats scheme also increased provisions for reinforced concrete frames by £56m to £102m.

David Thomas, chief executive of Barratt, said: “Building safety considerations are paramount in prioritising and scheduling remediation works. Our dedicated Building Safety Unit manages our ongoing building safety remediation programme, which we expect to deliver over the next five years.”

On the wider group performance over the year, he said: “We are pleased to have delivered total home completions at the upper end of our expectations for the year, despite the challenging backdrop.

“Although the macro backdrop remains challenging, particularly demand sensitivity to current mortgage pricing and a lack of higher loan to value mortgage availability we have a strong balance sheet with significant net cash and a solid forward sales position, which allows us to enter FY25 with confidence.”

Given the subdued but more stable market backdrop and the growing number of land opportunities available we expect to increase our land approvals significantly in FY25 whilst maintaining our rigorous land investment requirements.”

Read More

Tube station housing plan gets Government green light

The government has given the go-ahead for a new housing development by Cockfosters Tube station which was blocked by previous Transport Secretary Grant Shapps.

 

 

The proposals will deliver 350 new homes across four blocks built on the former car park of the north London station.

Transport for London is required to seek the consent of the Secretary of State for the disposal of land used for its operational purposes. TfL first requested permission in 2021 to sell the land currently used for car parking by the station, but this was denied by the then Secretary of State.

Work will now progress to ensure that the development can begin in the coming years, including updating the designs in response to the latest fire safety requirements and liaising with the local council planning authority on any changes needed.

Places for London, TfL’s property company, is working on multiple projects across London and the proposals at Cockfosters will contribute towards its target of starting construction of 20,000 homes, including 50 per cent affordable housing, by 2031.

The Mayor of London, Sadiq Khan said: “After the previous government refused to approve the plans, I’m delighted that the new government has given us the green light to progress exciting plans for new homes at Cockfosters station.

“Building homes right next to public transport connections is a key part of our plans to deliver the high-quality homes Londoners need.”

Graeme Craig, Director and Chief Executive of Places for London, said: “We are delighted that we are now able to make progress with our plans at Cockfosters now that we have the green light to release the land. We look forward to working across the capital with the Government and the Mayor as we progress the plans to deliver the homes that London urgently needs.”

Read More

Tycoon’s £1bn Docklands flats scheme approved at third attempt

Newspaper tycoon Richard Desmond has gained planning at the third attempt to redevelop his former Isle of Dogs printworks site in London with a vast luxury flats scheme.

 

 

The 1,360-home Millwall outer dock waterfront plan will see the comprehensive redevelopment of the 6.15 hectare brownfield site, formerly occupied by his Northern & Shell publishing company’s Westferry Printworks.

Latest plans for the mixed-development have been scaled down slightly while around a third of the homes will now be affordable.

Thirteen buildings ranging from 4 to 31 storeys will be constructed in four phases over a total eight-year building programme.

The scheme also includes a 1,200-place secondary school, a rejuvenated dock front, over 2 hectares of public open space together with ground-floor shops, restaurants, community centre and workspaces.

The approval comes nine years after the controversial redevelopment was first submitted for planning to the Borough of Tower Hamlets.

The council previously turned down two planning applications for the site, with the latter submission called in by Government.

Then former housing secretary Robert Jenrick decided to give consent, overruling the Government’s own planning inspector’s decision to reject the scheme.

It was later revealed that Northern & Shell had donated £12,000 to the Tory Party two weeks after Jenrick gave the plans the green light.

The Conservative government later quashed this decision, stating that the plans would have caused harm to the surrounding area.

The professional team includes Mace as development manager, designs by architect PLP and MEP engineer Aecom with WSP acting as civil and structural engineer.

Read More

Site acquired for £275m Brent Cross Town student scheme

Developer Fusion Group and global alternative investment manager Cheyne Capital have jointly acquired a second site for a £275m purpose-built student accommodation scheme in Brent Cross Town.

 

 

The 180-acre Brent Cross Town site is an £8bn mixed-use development in north London being delivered by Related Argent and Barnet Council which, when complete, will comprise 6,700 new homes, workspace for 25,000 people, schools, a high street, leisure spaces and over 50 acres of parks and playing fields.

The £275m student accommodation scheme will deliver 650 student beds with a planning application set to be submitted by the end of this year.

It will include expansive study areas, a digital competitive gaming zone where residents can play virtual sports including football, padel and tennis, as well as a health kitchen that includes a zero-waste shop, private dining, a yoga studio, a herb garden and relaxation pods.

It will be the seventh development on which Fusion and Cheyne have partnered and their second in Brent Cross Town.

Julian Evans, Land and Planning Director at Fusion Group, said: “Brent Cross Town is London’s most exciting new neighbourhood.

“As we continue our community engagement to ensure we can best contribute to the vibrancy of this neighbourhood, we’ll bring our decades of experience of developing residential assets in urban regenerations across the country to deliver another best-in-class student scheme as part of the town.”

Hamish Gordon of Cheyne Real Estate, added: “The student housing market continues to be driven by considerable demand, with a growing need for high-quality and well-located developments across the UK and particularly in London.”

Confirmation of Fusion’s second development continues the significant progress being made at Brent Cross Town, where seven buildings are under construction with the first residents moving into the town later this year.

The first office building, 3 Copper Square, is underway and will be completed in 2026. In total, over 930 homes, including affordable, market sale, and rental homes are on-site, alongside the first 662 student rooms in partnership with Fusion and Cheyne.

The first permanent public park, Claremont Park, opened in June 2022 and Brent Cross West mainline station, which opened in December 2023, connects with St Pancras International in as little as 12 minutes.

Brent Cross Town already boasts a selection of local retail and leisure offerings, and Sheffield Hallam University will open its first campus outside Sheffield at Brent Cross Town.

Read More

Bellway walks away from Crest Nicholson takeover bid

Bellway has decided not to launch a £720m takeover of Crest Nicholson despite months of negotiations with its smaller rival.

Both sides have been in discussions since May with an opening £650m offer rejected by Crest Nicholson.

But Crest Nicholson directors indicated last month they “were minded to recommend”an improved £720m offer.

But Bellway suddenly announced on Tuesday that “it does not intend to make a firm offer for Crest Nicholson.”

The brief Stock Exchange announcement added: “As noted in its trading update released on 9 August 2024, Bellway remains confident that its robust balance sheet and operational strength, combined with the depth and quality of its land bank, will enable Bellway to deliver volume growth in the years ahead and support ongoing value creation for shareholders.”

Crest Nicholson said: “The Board of Crest Nicholson had engaged with Bellway in relation to a possible all-share offer for Crest Nicholson in response to a series of unsolicited proposals from Bellway.

“As outlined in its half year results on 13 June 2024 for the period ended 30 April 2024, Crest Nicholson remains confident in its standalone prospects, in particular given conclusion of the review of provisions for completed development sites supported by external consultants, its highly attractive land portfolio and the new leadership of Martyn Clark.”

Read More