Peabody enters into £350m East London regeneration joint venture with Hill
We have just announced a strategic joint venture with Hill which will see two new flagship regeneration projects deliver close to 900 new homes in East London.
Our Fish Island Village site will be part of the joint venture with Hill, the award-winning top 15 UK Housebuilder, alongside their Lea Bridge Road development in Leyton. Combined, the two sites have a Gross Development Value (GDV) of over £350 million and represent the first joint ventures between the two organisations.
Above: an artist's impression
When complete, Fish Island Village will comprise 434 private apartments, 146 affordable homes and 57,000 square feet of commercial space, of which 48,000 square feet will be operated by social enterprise, The Trampery. The Queen Elizabeth Olympic Park is just a short walk away, while the shopping and entertainment destination, Westfield Stratford City, is only one mile from the development.
More about Fish Island
Fish Island Village has been designed by Haworth Tompkins, Pitman Tozer and Lyndon Goode Architects. Each of the one, two, three and four bedroom apartments and maisonettes will be located around a series of landscaped piazzas and courtyards, which are designed to create vibrant and thriving communal areas. The partnership with The Trampery will also build on Fish Island's artistic heritage, aiming to inspire creativity amongst entrepreneurs by incorporating studios, workshops and a gallery.
Lea Bridge Road site
The Lea Bridge Road site, designed by Pollard Thomas Edwards Architects, will see 300 new homes built, including at least 62 affordable properties. The scheme comprises nine residential blocks up to 18 storeys in height, set around a landscaped central courtyard, with 21,000 square feet of ground floor commercial space and a gym.
Located between the major destination centres of Stratford, Walthamstow and Lea Valley, the development is adjacent to the recently re-opened Lea Bridge Rail Station, where trains to Stratford and Tottenham Hale take approximately five minutes.
Stephen Howlett, Chief Executive of Peabody, says: "Peabody and Hill share a common approach and long-standing commitment to providing distinctive, high-quality new homes across a range of tenures.
"We are pleased to finalise this partnership agreement, which is Peabody’s first large development through a joint venture arrangement, and look forward to working with Hill to create much-needed new homes, jobs and business opportunities in East London.
"Peabody’s new development programme constitutes almost £2bn of investment in new housing, and we continue to look for opportunities that will help us to do more to tackle the capital’s growing housing crisis."
Andy Hill, Chief Executive of Hill, says: "Working with Peabody has been an ambition of ours for many years and I’m delighted that these iconic schemes will be the first, of hopefully many, major projects to come."
Sales are expected to launch at Fish Island in late-Spring, with the first homes expected to be complete in early 2018. The first homes at Lea Bridge Road will be complete in 2019.
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