Planning permission for one of the most interesting examples of property investment Tower Hamlets has seen in recent years is now secure. The approval means a new civic centre in the heart of Whitechapel. As a result the services will relocate back to the local community rather than the current property in Blackwell.

Restoring the iconic Georgian building

The project is notable because it will see the restoration and regeneration of London Hospital. The Georgian structure has a Grade II listing and dates back to 1757. It has stood empty since 2013 but the local council purchased it for just £9million in 2015. This project will transform it into a £105million town hall with top of the line facilities.

The former hospital is a large building, offering plenty of space for council offices. On top of this there will be a debating chamber, meeting rooms, a cafe, and other facilities such as a library. The construction will involve partial demolition of the building and the addition of a new extension. The original Georgian facade will be preserved though.

A building for the community

The new civic centre will be a big part of the masterplan for Whitechapel’s redevelopment. It will join new homes and accompany the arrival of the Elizabeth Line later in 2018. This could help to make the area a more popular place to live. Work on the site could begin in the coming months and finish to allow occupation in 2022.

The project will be good for the local council as well as the area. It could save around £5million per year on expensive rents, including the cost of the current building in Mulberry Place. In addition council buildings no longer in use across the Borough will be sold. This will help recoup some of the £78million cost of the redevelopment.

Finefair keeps an eye on iconic projects like this, especially when they are among the best examples of property investment Tower Hamlets has to offer. It is good news for the area and could result in a brand new landmark building that is also highly functional.

If you have any questions about investing in property in the area please feel free to contact us. Our team can help, ensuring we deliver the best possible value.