Silvertown is one of the most impressive parts of London if you have a look at how much it has changed. Formerly an industrial zone, it has a really interesting history. It was once a hotbed for activity, but has had a period of decline like other parts of the city. Since then though, regeneration and the creation of new housing and amenities has been huge for the area. It is now a location where people want to live because of the modern new riverside homes. A new redevelopment will add to this. We want to have a closer look here, then you can rely on us if you want help with property investment in Newham.
The plans
Howells has designed a new development for the Thames Road Industrial Estate for Ballymore. Their proposals for the site will create new homes in modern high rise buildings, new industrial and commercial space, community space, a school, and more.
Interestingly, this is a hybrid planning application. It includes a detailed component and a broader outline component. The first includes five development plots on the site. Their development would deliver 774 new homes in buildings up to 16 storeys tall. Notably, 359 properties are for co-living. This phase of the redevelopment also includes delivery of industrial and commercial space, 13,500sq/m and 1,200 sq/m respectively.
The larger outline component of the redevelopment has seven plots. Buildings here can be up to 18 storeys tall. This part of the project would deliver 911 homes. The plans also include a school, community space, and commercial space. Speak to us about property investment in Newham.
What next?
Newham Council planning officers gave a recommendation that the proposals get approval. The local authority hearing committee subsequently gave approval earlier this month. Crucially, they gave praise to the fact the new homes will be a significant contribution towards achieving housing targets.
However, there was one bone of contention with the proposals; affordable housing. The redevelopment will deliver 173 social rent homes. That is just 11% of the total for the development. Newham Council has a target of 35%-50% for all projects with 10+ homes. While in many cases this would be a big obstacle, Newham Council gave planning permission.
Ballymore MD John Mulryan said getting planning permission for the redevelopment is a “significant milestone”. It will also allow them to continue building on success in the area like Royal Wharf.
Howells Partner Daniel Mulligan was also very positive about the planning approval. It means work can progress to create a “connected, inclusive riverside neighbourhood”. Notably, it will open this part of the riverside for “the first time in over a century”.
Speak to us about property investment in Newham
Finefair Ltd has been working in London for a long time. As a result, we’ve seen how areas in the city change over time. It can be fantastic to see some get a new lease of life with new housing, amenities, and other developments. Silvertown definitely falls into this category. It’s a great option for investors.
So, if you do think about property investment in Newham, you can speak to us for advice. We can help manage portfolios and explore opportunities, including guaranteed rent and HMOs. We’ll work with you to create the perfect strategy.
