Laing O’Rourke go-ahead for £200m London resi scheme

Posted on November 23rd, 2018 by admin

A fledgeling strategic alliance between developer Stanhope and London housing association Network Homes has got the go-ahead to build its first scheme in west London.

Ealing scheme will consist of four high rise blocks of between 15 and 23 storeys

Laing O’Rourke is on board to deliver the 575-home scheme in Ealing, regenerating a large light industrial site close to the Southall Crossrail station.

The 350,000 sq ft development will comprise a mix of build-to-rent, market sale and around 180 homes for shared ownership and affordable rent.

Designed by Cartwright Pickard, the development will also include 2,100 sqm of office space and 318 sqm of flexible commercial floorspace within four separate buildings of between 15 and 23 storeys with a 2-storey podium.

The scheme will be car free but with 926 cycle parking spaces and two dedicated servicing bays on Merrick Road.

Communal gardens and public realm space will be created on the Merrick Road frontage and landscaping, play and amenity space areas within the site.

35% of all residential units by habitable rooms will be affordable, with a tenure split of, 30% London Affordable Rent, 70% Shared Ownership.

The development in Merrick Road will act as a gateway site, helping to trigger the regeneration of Southall over the next decade, in line with Ealing Council’s aims.

Several large sites nearby have been purchased by other developers.

James Pickard, Director at Cartwright Pickard, said: “We are thrilled with the result of this planning application. The project is a fantastic opportunity to demonstrate the full potential of offsite manufacturing methods to speed up the delivery and improve the quality of new homes for London.

“Stanhope and Network Homes are forward-thinking organisations that are pushing the boundaries in terms of innovation and design quality, and demonstrating how homes in London will be delivered in the future.”

Plans in for 42-storey Ilford residential tower

Posted on November 19th, 2018 by admin

Plans have been submitted for a landmark private rental residential tower in East London’s Ilford town centre.

Storage specialist Access Self Storage is planning to redevelop a former Bodgers discount store with the 380-flat high rise.

According to planning documents just submitted to the London Borough of Redbridge, Skanska is on board as preferred contractor to deliver the project.

The scheme follows the storage business setting up a new brand to bring forward a wide portfolio of private rented scheme across London that will be retained as long-term assets.

The station road site sits opposite the new Crossrail Elizabeth Line station opening up the potential for the residential complex with two smaller podium buildings of offices and shops.

Access Self Storage is linking the new plan to a recent application to redevelop the Ilford Recorder newspaper building with a further 144 homes.

Together the two plans will deliver 520 homes of which a third will be affordable homes.

The One Station Road scheme has been designed by ColadoCollins with Curtins providing structural design and Hilson Morran M&E design.

The facade of the building will be brick clad with sky terraces on levels 32 and 37 where the building is cutback.

The planning documents states: “There is an exciting opportunity for positive change in Ilford. This application will form a small, but important, part of the transformation and kick-start the delivery of the Council’s Manifesto and Vision.”

This aims to make Ilford a London town again harnessing the benefits of Crossrail, building 6,000 new homes.

Landsec grows London pipeline of work to £2bn

Posted on November 13th, 2018 by admin

The schemes are either on site, in design, or in feasibility and represent a total development cost of around £2bn.

Chief executive Robert Noel said: “21 Moorfields, EC2 is on schedule to complete in 2021 when it will be handed over to Deutsche Bank for their new UK headquarters.

“We’re working on revised plans for the development of Nova East, SW1 and are in pre-planning for the redevelopment of Portland House, SW1 underlining our strong belief in Victoria.

“And we are assessing new sites for the next generation of London developments.

“In addition, we are working up plans for significant mixed use developments, including more than 4,000 homes on our suburban London retail sites.

“At two of these, Finchley Road, NW3 and Shepherd’s Bush, W12, we intend to submit planning applications in the first half of 2019 with a total development cost of around £1bn.

“We also see excellent potential for a new town centre at Lewisham, with our ownership of Lewisham Shopping Centre, SE13 forming the core of a potential 8.3 acre mixed use destination.

“In addition to this, we are exploring the potential at other locations in London.”

The firm added: “We remain confident in our view that London is a global city with strong long-term prospects.

“Occupational demand and pre-letting activity have remained steady, and we expect a continued flight to quality.

“This trend may put pressure on second hand space and we will continue to monitor the market for opportunities to deploy capital.

“We have added to our development opportunities and are deploying innovative ways of building more quickly and cost effectively.

“The location and the nature of the product in our pipeline means it is likely we will develop speculatively, although timing will depend on market conditions.”

Plan for £410m London Camden Lock estate rebuilds

Posted on November 12th, 2018 by admin

Housing association One Housing has started the hunt for a partner to redevelop two adjacent estates at Camden Lock in north London.

Juniper Crescent and Gilbeys Yard plans split by planned Barratt JV scheme (centre)

The £410m redevelopment plan will see up to 700 mixed tenure homes built at Juniper Crescent and Gilbeys Yard estates next to the Camden Goods Yard site.

These two estates are separated by a large Morrisons supermarket, which is to be demolished to make way for a separate 600-home mixed-use scheme being jointly developed by house builder Barratt and the supermarket chain.

Work is expected to start on the Barratt scheme next year.

Together these projects will see the wholesale regeneration of the Camden Goods Yard area with mixed tenure homes and 300,000 sq ft of shopping space.

Residents at Juniper Crescent and Gilbeys Yard have backed the rebuild option, which will see around 200 homes demolished across the estates.

Sketch of Juniper Crescent rebuild plan

Gilbeys Yard redevelopment plan

Under the plan residents living on the estates would be temporarily moved elsewhere while the building work took place, before returning to a brand new property on Juniper Crescent and Gilbeys Yard once they had been built.

Work on the estate rebuild should begin on the ground some time in 2020.

Budget 2018:what exactly does the removal of lettings tax relief mean for landlords?

Posted on November 11th, 2018 by admin

Accidental landlords have been delivered yet another knee to the groin by the Chancellor of the Exchequer, who announced in the Budget that he plans to increase capital gains tax on homes that have been rented out.

While there had been some pre-Budget speculation about Philip Hammond offering landlords a reduction in the tax if we sold to long-term tenants, instead he decided to remove lettings tax relief for most of us when we sell what was once our home, unless we only let rooms while still living in the property.

The loss of the relief, worth up to £40,000 per person, will mean higher capital gains tax bills for almost every accidental landlord who has seen the value of their property increase.

To make matters worse, the Chancellor is also planning to reduce the capital gains tax-free letting period from 18 months to just nine months, other than for the elderly moving to care homes.

I can only imagine he’s making these changes to discourage landlords from “flipping” properties to avoid paying the tax.

This is where landlords and property developers move into their rental homes for a brief period before selling so they qualify for lettings relief, which is a practice some of his fellow Tory MPs are allegedly quite familiar with, I believe.

That seems fair, I suppose, but it will also discourage genuine homeowners from letting their properties, even briefly, putting more pressure on the rental market and potentially increasing rents.

Lots of accidental landlords, especially those who’ve seen their properties increase in value, will now be planning to kick out their tenants to move back into the properties themselves, or to sell them before April 2020.

As property tax specialist Michael Wright of Rita 4 Rent told me: “For those who were thinking of selling due to Section 24 [the loss of mortgage interest tax relief] this may be the final straw, and encourage them to sell now, rather than seeing a potentially larger capital gains tax bill should they sell instead after the changes take hold.

These ongoing assaults on landlords are creating a rather worrying situation in supply vs demand.”

A friend of mine had been planning to hang on to the bachelor flat she has been letting. However, she’s now planning to put it on the market, fast, to avoid a higher tax bill after 2020.

She has already served her tenants with notice to leave, which is a shame, but you can’t blame her.

After April 2020, the higher capital gains tax will almost certainly act as a serious deterrent to anyone thinking of letting their home for a time prior to selling, while those of us who have already rented out our homes will be put off selling, so there will be even fewer homes on the market.

My husband and I let our family home for a brief period when we went travelling several years ago but due to the increase in the value of the property, which we have owned for more than 15 years, the capital gains tax we’ll have to pay if we sell after 2020 will be almost as much as the rent we earned.

If we had known at the time that we wouldn’t benefit from lettings relief, we might have changed our plans.

HMRC still has to release the finer details of Mr Hammond’s proposals, on which he has promised a consultation. Let’s see if he changes his mind.

Source: Homes & Property

McLaren gets green light to start Tottenham Hale revamp

Posted on November 9th, 2018 by admin

McLaren Construction is set to start work on the first phase of a major redevelopment scheme in Tottenham Hale.

Residential landlord Grainger has agreed to forward fund and acquire the first 108 home private rented sector phase for £41m.

The developer is Waterside Places, a Joint Venture between Muse Developments and the Canal & River Trust.

Waterside Places will develop the site and McLaren has been confirmed for the job which is the first phase of a wider development.

Grainger said: “The scheme which has planning consent is subject to a number of conditions which are to be satisfied prior to construction starting on site, anticipated in early 2019.”

Helen Gordon, Chief Executive of Grainger, said: “We are pleased today to announce our latest investment in Tottenham Hale, one of our target London locations, which will deliver 108 new high quality, purpose built rental homes and complement our Apex House development close by in Seven Sisters.”

Once complete, the wider scheme will deliver up to 505 canal side homes and extensive public realm improvements along with a range of commercial and leisure space.