The demand for houses in London remains high and supply continues to fall behind. Mayor of London Boris Johnson aims to ease the situation by ensuring that all City Hall owned land is released for redevelopment by the end of his term in office in 2016. Steps have already been made in this direction, with four former hospital sites currently being redeveloped to create new homes and commercial spaces.
The latest piece of land released is a former Parcelforce depot in Newham, a popular area in East London a short distance from Canary Wharf. The site is 10 hectares and will be redeveloped to create 3,500 new homes, a school, a park and new retail space. The houses will be a mix of sizes and be available to rent and buy. More than a third of the homes will be affordable to attract first time buyers.
The idea of the development is to create a new community for East London. The new neighbourhood will be attractive to all kinds of people, including families and professionals because of the location and amenities that will be in place. The plans are being praised because the homes will help the Government towards its plan to help boost the number of properties that are available, particularly affordable ones. It will also see a disused site transformed into a community.
The redevelopment of the site also coincides with the Olympic Legacy plans. The land was acquired in 2004 and was used during the Olympics before being cleared ready for development. The project will be yet another lasting reminder of the successful Olympic Games held in London in 2012.
The latest development plans will need to gain planning permission before work can start. An application is expected to be completed and submitted in 2016 with building work starting the following year if permission is granted. If all goes to plan the first homes should be ready for occupation in the summer of 2018. As specialists with lettings, leasing and property investment in Bexley and all other areas of London, we will continue to look to these developments with interest.