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John Lewis £500m funding deal to build 1,000 rental homes

John Lewis Partnership has sealed a £500m joint venture deal with investor abrdn to fund and build 1,000 rental homes at three sites.

 

The sites include building over redeveloped Waitrose stores in Bromley and West Ealing in Greater London, as well as replacing a vacant John Lewis warehouse in Mill Lane, Reading.

(L-R) Planning applications for Bromley and West Ealing will be submitted early next year after local consultations.

Planning for the redevelopment of Mill Lane, Reading will follow later this year

John Lewis has committed to deliver 10,000 homes in the next 10 years – 5,000 of these will come from schemes on the Partnership’s own property portfolio.

It said it has already identified around 20 sites that it will extend or redevelop with build to rent schemes, and then become the landlord once housing is built.

John Lewis said the build-to-rent residential property market in the UK is forecast to double in size, with 30,000 new homes completed annually by 2026, according to research by the property firm Savills.

In London alone there is a shortfall of 75,000 rental properties.

Nina Bhatia, executive director for Strategy and Commercial Development at the John Lewis Partnership, said: “We continue to work with the local authorities and communities to evolve our plans and expect to announce more details for West Ealing and Bromley in due course, before aiming to submit our first planning applications next year.

“A first public consultation for the site in Reading is expected in 2023. Residents can expect homes furnished by John Lewis with first-rate service and facilities.”

Neil Slater, Head of Real Assets, abrdn, said: “The critical lack of quality rental accommodation in the UK needs to be addressed, so we are delighted to partner with the John Lewis Partnership to provide the required institutional investment.

“The ambitions and responsible ethos of our brands both strongly align, and our partnership should offer investors long-term returns and give residents confidence in a top-quality living experience.”

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350-homes approved around iconic London Tube station

A major housing scheme around West London’s Hounslow West Tube station has gained the planning green light.

 

HKR architect designs also deliver a new customer passageway to platforms, while ensuring that the station’s Grade II-listed ticket hall is preserved and kept at the centre of the scheme
HKR architect designs also deliver a new customer passageway to platforms, while ensuring that the station’s Grade II-listed ticket hall is preserved and kept at the centre of the scheme

 

The 348 new homes project is being developed by Transport for London’s commercial arm along with housing association A2Dominion are developing the near 350-homes project around the Picadilly Line tube station.

The homes, delivered across four buildings, will be a mixture of one, two and three and four-bedroom properties, providing options for all types of households.

They will be a mixture of shared ownership, which offers an affordable route into homeownership, and London Affordable Rent, the level of which is set by the Mayor of London and is substantially below open market rents, helping to provide low-cost rented homes to support low-income households.

Hounslow Development 1002 CGI FINAL

Plans also involve a new public square, improved pedestrian routes

There will also be 950 sqm of retail space, which will help support the wider local economy.

Steven Waite, Director of Technical and Commercial at A2Dominion said: “Our relationship with Transport for London is bringing a fresh perspective to sustainable housing, with a focus on green energy and transport links to the rest of London.”

Anjna Farmah, Property Development Manager at Transport for London, said: “The development has been designed to preserve the appearance of the Grade II-listed station, while providing improved customer access to platforms.

‘There will also be a range of improvements for the local community, including commercial spaces, a new public square, as well as better pedestrian routes and improved cycle parking.”

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1,500-home London Cavalry Barracks scheme approved

Inland Homes has gained planning consent for a planned £600m scheme to redevelop the Ministry of Defence’s former Cavalry Barracks site in Hounslow, West London.

 

The mixed use scheme was designed by architect TB Bennett
The mixed use scheme was designed by architect TB Bennett

 

The former 37-acre home of the Irish Guards will be redeveloped as a mixed-use scheme comprising 1,525 homes and around 2,700sqm of commercial space.

Inland’s asset management division is acting on behalf of the third-party project investor. The deal will rank as the group’s fifth transaction with the MoD and its largest to date.

Under the asset management model, in return for its land and planning expertise and the management of the project, the group has, to date, accrued fees at achieved project milestones of £19.5m.

Inland will continue to act on behalf of the project investors to finalise the terms of the Section 106 agreement, which is expected to be signed within the next few months and then support the investor through the site disposal plan, which will crystallise the value and facilitate the payment of the fees. 

As part of the approved plans, 14 Grade II listed and 9 locally listed buildings will be retained and 10.6 acres of open space provided.

Nish Malde, interim chief executive officer at Inland Homes, said: “The historical significance, location and scale of the Cavalry Barracks make this an exceptional brownfield site and we are delighted to have worked with the London Borough of Hounslow to have secured a resolution to grant planning permission on behalf of the project’s investor.

“We look forward to finalising the terms of the section 106 as quickly as possible so that the next phase of the Cavalry Barracks’ story can begin.”

Cavalry Barracks is one of the largest brownfield sites in London

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Ballymore and TfL strike deal to redevelop town centre

Regeneration expert Ballymore and Transport for London’s development arm have struck a deal to redevelop Edgware town centre in North London.

 

 

The 7.5-acre Broadwalk Shopping Centre, acquired by Ballymore in 2020, is key to unlocking the regeneration of the town centre.

By working with TfL, which owns much of the neighbouring land including the bus station and bus garages, the project will be able to reach its full potential.

The development will deliver an improved bus station as well as garages and will make it even easier to travel around Edgware while accessing the main shopping and residential areas. Ballymore will hold a majority stake in the strategic partnership.

John Mulryan, group managing director at Ballymore, said: “We have long been committed to partnerships, working successfully with organisations to create new homes and mixed-use communities across London.

“We are looking forward to collaborating with TfL and Barnet Council to deliver our shared vision of creating an outstanding place for modern urban living, with thriving commerce, new and integrated public spaces, improved connectivity and public transport, new leisure and cultural offerings and a variety of new homes.”

Stephen McDonald, Director for Growth at Barnet Council, added: “We are pleased to see this project take another step forward – a crucial part of the council’s overall plans to reinforce and enhance Edgware’s status as a major town centre to better serve the needs of those living and working here.”

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Hill gets go-ahead for North London estate

Planning permission has been granted to rebuild the large Douglas Bader Park estate in Colindale, North London.

 

Home Hill LLP will transform the 1970s estate to create over 750 new homes
Home Hill LLP will transform the 1970s estate to create over 750 new homes

 

House builder The Hill Group together with housing association the Home Group will deliver the transformation of the 1970’s estate to provide over 750 homes, ensuring existing residents benefit from new high-quality homes.

This 10-year programme will now start imminently with the delivery of the first phase of 38 affordable homes.

Construction will take place in three phases and include the demolition of all current residential units on site.

Architect Levitt Bernstein has designed the 3.9 hectare site to create a green neighbourhood centred around a new urban square.

In total 272 affordable homes will be delivered alongside 481 homes for private sale.

The affordable homes will be delivered as part of the first two phases and will include houses, maisonettes and apartments to cater for all members of the existing local community.

Andy Hill, Group chief executive of The Hill Group said: “As one of the schemes to be balloted under Mayor Sadiq Khan’s mandate to allow residents a vote on estate regeneration, achieving planning success for the Douglas Bader Park estate is a significant achievement.”

Sustainability and well-being will be a key focus of the development. Around 20% of all parking spaces will be provided as EV charging points and there will be over 1,500 cycle parking places. All homes will benefit from photovoltaic panels and air source heat pumps.

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Ballymore deal for 1,200 homes at Olympic Park

The London Legacy Development Company has entered a joint venture partnership with developer Ballymore to build 1,200 homes at the East Bank site of Queen Elizabeth Olympic Park.

 

Ballymore, which was behind major London schemes at Embassy Gardens at Nine Elms and London City Island at Canning Town, aims to transform two waterfront sites.

The £600m project will deliver two new neighbourhoods in the south of the Park at Stratford Waterfront, and at Bridgewater Triangle close to UCL’s new campus at UCL East.

At the Stratford Waterfront site, already being developed as a cultural district, the JV aims to build 600 homes of which 35% will be affordable.

Stratford Waterfront

Stratford Waterfront site outline consent

At the Bridgewater Triangle site, bounded by Waterworks River, The Greenway and Pudding Mill Allotments, around 575 homes are planned, with half affordable.

The JV hopes to complete the residential development at Stratford Waterfront and Bridgewater Triangle by 2028.

Rosanna Lawes, LLDC Executive Director of Development, said: “We are hugely excited to enter this partnership with Ballymore and to build on what has already been achieved over the last 10 years.

“Ballymore bring great expertise and proven regeneration credentials to help create thriving new communities with well-designed, sustainable homes to meet all needs.”

Group managing director John Mulryan said: “LLDC has been instrumental in creating and attracting some of the biggest cultural and educational names to East Bank.

“We are delighted to be partnering with LLDC, supporting the regeneration and delivery of homes in this special and inspiring destination that puts community and culture at its heart.”

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Plans in for Isle of Dogs 52-storey resi tower

Plans have been submitted for a 52-storey residential skyscraper on the Isle of Dogs in London.

 

Known as One East Point, the scheme has been designed by architect Make at the site of 4 & 5 Harbour Exchange Square for client GAW Capital.

This is presently home to a 6-storey office block, which will be demolished to make way for nearly 460 flats in the stepped tower, which will be located next to another Make-designed tower known as the Maddison.

The proposed 170m tall development will provide a total of 52,000 sq m of space, including a lower podium and two basement levels.

One East Point is expected to support around 700 construction jobs over a five-year demolition and construction programme

A mixture of affordable homes and market homes are planned for levels up to the 24th floor, with upper levels for market sale.

It is expected that construction could begin in the first quarter of 2024 on a four-year plus programme that would see the building completed in the summer of 2028.

 

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Lendlease Stratford IQL blue towers approved

Lendlease has gained approval for its Park Place residential towers plans – the next major phase of its Stratford International Quarter London.

 

 

Construction will start in April 2023 on a 35 months build programme

The scheme is located on plots 1 and 11, next to the emerging East Bank of the Queen Elizabeth Olympic Park.

It consists of planned 35- and 14-storey hexagonal towers with blue glazed brick facades, which will provide for 350 homes above a colonade of ground floor commercial and community uses.

The plot 1 building will feature as the tallest tower in the planned Internation Quarter London cluster.

IQ

Park Place building sits on the left of the IQL group of buildings

Designed by Alison Brook Architects with support from engineer Aecom, it will feature stepped massing to create ‘park ledges’ that climb the towers in a spiralling movement.

Their bespoke ultramarine blue-glazed terra-cotta and brick cladding references the porcelain industry that once thrived in Stratford.

The buildings will provide around 50,000 sq ft of flexible retail space at ground level

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Derwent buys eye hospital for 750,000 sq ft scheme

Derwent London has sealed the deal to buy the Moorfields Eye Hospital site near London’s silicon roundabout tech quarter.

 

City Road Island site
City Road Island site

 

The City Road Island site is being sold for £239m, subject to Treasury approval and the delivery of the new Oriel eye hospital at St Pancras by 2027.

Derwent said it has appointed architect AHMM alongside a full professional team to draw up plans for a major 750,000+ sq ft campus with extensive public realm and strong environmental credentials.

The 2.5 acre Moorfields Eye Hospital site comes with 400,000 sq ft of existing buildings.

Paul Williams, Chief Executive of Derwent London, said: “We are delighted to have secured such an important central London regeneration opportunity in the heart of the Tech Belt, where we aim to deliver the next generation of distinctive ‘long-life, loose-fit, low carbon’ commercial space.”

Martin Kuper, Chief Executive of Moorfields Eye Hospital NHS Foundation Trust said: “This is an important step forward for our plans for Oriel, a new eye care, research and education centre.

“The sale of our City Road Island, which is conditional on Treasury approval of Oriel, is a key element of our funding strategy.

“All proceeds will be reinvested in the new centre to secure the long-term future of world-leading eye care, research and education in a way that represents value for money and benefits our patients. “

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London Whitechapel Estate rebuild approved

Developer LondonNewcastle has got the thumbs up for revised plans to rebuild the Whitechapel Estate in East London.

 

Block E will rise to 20 storeys
Block E will rise to 20 storeys

 

The estate regeneration scheme located just south off the Royal London Hospital has been designed by architects PLP and Adjaye Associates.

It will see all existing buildings demolished and replaced with a dozen new buildings ranging from 2-23 storeys over a five-year programme.

Existing estate

Existing buildings will be torn down in a four-phase demolition plan

Rebuild plan

Aerial view of new blocks planned for Whitechapel Estate in the London Borough of Tower Hamlets

The new residential mixed-use neighbourhood will deliver 529 new homes over the course of several phases, totalling around 550,000 sq ft of constructed space around new green spine space.

The homes split includes 311 private homes, 59 affordable rent flats and 159 specialist units.

Whitechapel Estate

Block I will be the tallest of the towers at 23 storeys

Planning consent was originally granted in early 2018 but a start to the project was delayed by covid and led to revised plans being submitted that increased its efficiency and enhanced deliverability.

This includes a change to the energy strategy from combined heat and power to an air source heat pump backed by high efficiency natural gas boilers and relocation of the Energy Centre.

Contractors Ardmore and JRL are understood to have been in talks to deliver the project, where enabling works are expected to start this summer.

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