Finefair looks at any projects in London that could have an impact on the property market. This is one of the reasons we can offer such great services to our clients. We strive to be the most reliable lettings agent Tower Hamlets has and also provide useful services like guaranteed rent. Working with us can therefore provide lots of value.
London is home to many iconic buildings with a great past. Whitechapel Bell Foundry falls firmly in this category. It is a very rare piece of the industrial past of the city. The foundry has a history dating back to the 1570s. Bells were cast in Whitechapel from the 1740s, including the Liberty Bell in Philadelphia, and bells in Big Ben and Westminster Abbey.
Because the building has such a great history, it is no surprise that there are conflicting plans about what to do with it. The foundry closed in 2017. The Grade II* listed building was then bought by a US developer for £7.9million. The first plans for the future of the site are now available.
A new boutique hotel
The US developer wants to turn the foundry into a boutique hotel with 95 rooms. The property would also include a bar, restaurant, cafe, workshops, and workspace. A small functioning foundry would remain.
This plan has some fierce competition, especially from figures from the arts and culture fields. The UK Historic Building Preservation Trust and 3D printing sculpture company Factum Arte would rather keep the property as a fully working foundry. They are pushing for restoration and would like to buy the site to ensure the change of use does not happen.
Planners in Tower Hamlets will make a decision on the plans in the coming months. By the summer we should know which gets approval.
Projects like this can have a big impact on an area. If the building becomes new workspace and workshops it could affect the property market. More people could look to move nearby so they can take up the space. A new working foundry could also create jobs and bring more people to the area.
Finefair is the best partner for landlords, acting as a lettings agent Tower Hamlets clients rely on for bespoke services. We can take care of everything they need us to. Contact us today if you want to talk about your portfolio with us.