While property prices in London are still booming, so too are mixed use developments; these are just a small sample of the developments in London where the London Plan is coming to fruition. To quote Mayor Boris Johnson: I want London to be the best big city on earth, a sentiment that many of us share.
Developments in London
London E16 – Custom House and Canning Town redevelopment programme
Custom House is the focus of a wider regeneration of the area as part of the Canning Town and Custom House Regeneration Masterplan, a £3.7 billion project which is transforming the area physically, socially and economically. The plans aim to build a sustainable community which will have huge benefits for both residents and businesses. The project includes 10,000 new homes, improved town centres, and the creation of several thousand new jobs.
One of the first stages in the programme is the 680,000 sq ft Rathbone Market scheme. The developer is a consortium of Muse Developments, Legal and General Property, and the Homes and Communities Agency.
London CR1 – Croydon gets £1 billion shopping centre
A new £1 billion shopping centre will be developed by Hammerson plc one of Britain’s largest property development and investment companies, and Westfield, the Australian developer that has one of the largest portfolios of shopping centres in the world.
The scheme includes 1.5 million square feet of retail and leisure space including major department stores and over 600 shops, restaurants and leisure facilities which include a multi-screen cinema and a bowling alley. Between 400 and 600 new homes will be constructed.
London N1 – Islington and Kings Cross along
The Kings Cross development is the largest urban development area in Europe covering 67 acres. It includes 50 new buildings, 2,000 new homes, 10 public squares and 20 new streets.
Argent was appointed as the developer in 2000. A masterplan was prepared and the London Borough of Camden granted outline planning permission in 2006. In 2008 the Kings Cross Central Limited Partnership which includes London & Continental Railways, DHL (previously Excel) and Argent became the sole land owner. Already around £300 million has been invested and it is estimated that the development will be completed by 2016. The development includes 1,900 new homes; half-a-million square feet of retail space; and office developments in Pancras Square, Handyside and Canal Reach.
London SE10 – Greenwich
Over recent years Greenwich has been the focus of numerous regeneration schemes. One of the more recent is the regeneration of the historic Telegraph Works. This is where the first transatlantic telegraph cable was produced in the 1850s providing the first connection between Britain and America; until 1945 70% of the world’s submarine telegraph cables were manufactured there. The developers, the Cathedral Group and Alcatel-Lucent, will modernise the site creating 272 new homes, commercial units and public spaces.
Morden Wharf, a 19 acre regeneration site adjacent to the O2 Arena and formerly a sweetener refinery, includes a magnificent 500 metre frontage along the River Thames and is one of the few remaining significant London river fronts left for major regeneration. The developers are the Cathedral Group and Development Securities PLC. The same consortium is developing the Movement in Greenwich which includes 181 residential apartments and accommodation for 358 students, business incubator and start-up units, and an on-site renewable energy centre.
These are just a few of the spectacular developments taking place in London; there are many more, so watch this space; Boris Johnson’s wish might come true. According to recent surveys, London is already the best city in which to live and work in Europe having overtaken both Paris and Berlin.