The Mayor of London Boris Johnson has given the go ahead for the capital’s largest single regeneration development in the Greenwich Peninsula. The project will see the construction of 12,600 new homes. Greenwich Council gave planning permission for the site in August and last week saw Boris Johnson give the plan the official thumbs-up.
The plan for the disused gasworks will create an entire new district consisting of five neighbourhood zones. The developers Knight Dragon have begun work on the construction of an additional 2,822 properties on the site which will bring the delivery of housing to 15,720.
Also included in the plans are 24,000 square metres of retail use, 60,000 square metres of business use and 220 serviced apartments along with two new schools and two new hotels. Further features of the development are a 40,000 square metre film studio, a visitor attraction and increased green space that will offer access to the existing Central Park.
The site development is part of the Mayor’s plans to release surplus public land. This will boost employment in the construction sector, drive property investment and provide the housing needed to support a growing population. 99% of the land taken by the Mayor in 2012 is currently in the development pipeline.
The plan includes 2,928 affordable homes along with a review mechanism that could deliver an additional 1,572 affordable properties in the future. The plan is one of the most exciting developments the city has seen and will bring huge regeneration benefits to the peninsula and cement it as a major capital district.
The Greenwich Peninsula is a major aspect of the Mayor’s city of the future and is predicted to furnish East London with 200,000 homes over the next two decades. This is positive news for property investors and those looking to expand their portfolios. The long term development plans for the city will present investors with the opportunities for long term financial solutions. If you are in search of quality investment properties in the City of London or any other area of the capital, get in touch with us and we will do all we can to help you make the right choices.