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Plans unveiled for £1bn glass towers in Greenwich

Plans have been unveiled for a landmark glass building on Greenwich Peninsula.

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Developer Knight Dragon commissioned “starchitect” Santiago Calatrava to design the scheme above North Greenwich station.

He has created a glass galleria and 80ft high “winter garden” atrium surrounded by three towers.

The development will also be linked to the other side of the Thames by a new bridge.

The Peninsula Place scheme will include 800 apartments, 30,000 sq ft of offices, a hotel and around 80 shops, restaurants and bars.

The bus station will be rebuilt while the tube station will remain open during construction.

Mr Calatrava told the Standard: “It is an honour to be designing such a piece of the fabric of London, a city I love. In designing this scheme, I have been inspired by London’s rich architectural heritage and the very special geography of the Peninsula.

“It will be a project that reflects both this and the ambition of Knight Dragon for Greenwich Peninsula.”

Mayor of London Sadiq Khan, said: “Peninsula Place will create a new buzzing, cultural destination in the capital, which I’m confident will attract visitors not only from London, but around the globe.

“The iconic building – designed by world leading architect Santiago Calatrava – will be a truly fitting pathway onto the Peninsula, with the development offering an improved tube and bus station, alongside new shops and homes.

“This investment in key infrastructure in the capital is a vote of confidence post-Brexit and shows that London is open to business, trade and attracting the greatest talent from around the world.”

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Enabling work starts at £6bn Meridian Water scheme

Enabling works are officially launched today to prepare the way for the first 725 homes at the vast Meridian Water regeneration scheme in North London.

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Meridian Water scheme which lies in a dedicated Opportunity Area and a Housing Zone next door to the Lee Valley Regional Park

Ultimately the £6bn Lee Valley scheme, led by Enfield Council teamed up with Barratt as its main development partner, will deliver 10,000 new homes. 

Land remediation specialist Cognition Land and Marine are on site pioneering a new US method for removing oil and non-aqueous chemicals with limited groundwater extraction.

The NET method uses oil attracting fabrics running continuously in a loop on conveyors into ground wells to recover pollutants, reducing the need for expensive water treatment.

A soil remediation contractor will be named by Enfield Council for Meridian Water’s phase one by the end of February to start on site in April.

Once Barratt has achieved detailed planning for the first 725 homes later this year principal contractors will be appointed.

The vast site covers a 210 acres located  between Edmonton, Tottenham and Walthamstow.

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The first homes are due to be completed in 2019 alongside a new station.

Phase One will also include shops and public spaces around a new railway station.

Cllr Doug Taylor, Leader of Enfield Council, said:  “Today is the day that Meridian Water moves firmly from vision to reality.  Many people said ‘it couldn’t be done’ but today we have started works to prepare the site for the first 725 new homes, we have the new railway station funded and being delivered and we have the UK’s largest homes builder as our selected Development Partner.”

Meridian Water Phase One time table

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  • January 2017 – Construction enabling works start on Meridian Water’s Phase One, delivering 725 new homes, shops and public spaces around the new railway station.
  • Spring 2017 – Development Agreement signed between Enfield Council and Barratt London, the selected Development Partner.
  • September 2017 – Enfield Council begin construction of the first phase of Meridian Works, a new premises for Building Bloqs and ACAVA (the Association for Cultural Advancement through Visual Art) creating the largest open workshop in Europe, supporting 300 jobs.
  • Early 2018 – Barratt London on-site constructing Phase One.
  • Early 2018 – Building Bloqs @ Meridian Works and ACAVA @ Meridian Works opens.
  • 2019 – The new Station at Meridian Water is planned to open, triggering the delivery of the first new homes.
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Green light for new £500m Chelsea stadium

Planners at Hammersmith & Fulham council have given Chelsea the go-ahead to build a new 60,000-seater stadium at Stamford Bridge.

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Plans for the new £500m ground will see the current stadium demolished.

A club statement said: “We are grateful that planning permission was granted for the redevelopment of our historic home.

“The committee decision does not mean that work can begin on site.

“This is just the latest step, although a significant one, that we have to take before we can commence work, including obtaining various other permissions.”

The new stadium has been designed by architects Herzog and de Meuron and construction work is expected to last three years.

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Hill starts 408-home London Fish Island scheme

Housing association Peabody has got the green light to provide hundreds of new homes and commercial space in Hackney Wick, East London.

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Peabody’s Fish Island Village in Hackney Wick

Contractor Hill will now start work on the first phase of Fish Island Village development, which lies next to the Queen Elizabeth Olympic Park.

The housing projects at Neptune Wharf and Monier Road, will include affordable rent, shared ownership, and intermediate market rent homes. There will also be some private sale and market rent homes.

The initial phase of 408 homes and workspace, designed by Haworth Tompkins, will be spread over 13 buildings on the site of former warehouses next to the Hertford Union Canal.

These buildings will sit alongside structures by Pitman Tozer and Lyndon Goode Architects in the later phases taking the development up to 580 homes with 55,000 sq ft of workspace operated by The Trampery, a London-based social enterprise.

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Fish Island Village

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Fish Island Village is part of an ambitious plan to revive this site in East London and to engage the vibrant artistic community while creating much needed homes and affordable workspaces to help build on the thriving creative industries at Fish Island.

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£775m Paddington Cube gets planning green light

Westminster City Council has given the thumbs up to developer Irvine Sellar’s revised plans for his £775m Paddington Quarter scheme in West London.

Paddington Cube close up night (lr) Cube office building will sit 12m above the ground

The 14-storey cube-shaped office building replaces earlier plans for a landmark 72-storey residential tower, nicknamed the ‘Paddington Pole’, which was abandoned after running into fierce opposition.

Great Western Developments and development partner Sellar Paddington are aiming to build the distinctive building – likened to an ice cube – at the former Royal Mail sorting and post office site adjacent to Paddington Station.

Designed by Renzo Piano Building Workshop, the 360,000 sq ft Paddington Cube would sit on a three storey podium 12m above 1.35 acres of newly created public realm.

The Paddington Quarter development will accommodate more than 4,000 new jobs for Paddington and include 80,000 sq ft of retail and restaurant space over five levels, including a rooftop restaurant.

Paddington Cube public realm (lr) £65m is being invested in public realm and major transport infrastructure improvements

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Fairview and L&Q team up for Park Royal site

Fairview New Homes and housing association L&Q have formed a joint venture to develop a 5.5 acre mixed-use site in Park Royal, north west London.

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The former car park forms the third phase of the First Central development in Lakeside Drive.

The cleared site was purchased for more than £40m and also comes with outline consent for 60,000 sq m of office space and will contain 800 apartments.

The site was formerly part of the Guinness factory and previous residential phases have been completed by Bellway, Redrow and Catalyst HA.

The Old Oak and Park Royal Development Corporation (OPDC) Planning Committee has produced a planning brief for a residentially-led mixed-use scheme.

The Fairview/L&Q joint venture has retained architects, Allies and Morrison, to design a scheme in excess of 800 apartments with commercial space on the ground floor.

Fairview Land Director Richard Paterson said: “We are delighted to be working with L&Q in a 50/50 joint venture for the first time and we welcome more joint projects of this type.

“This location is already ‘tried-and-tested’ with the success of an earlier phase and its proximity to Park Royal underground station on the Piccadilly Line and Hanger Lane on the Central Lane, not to mention direct access by road to the A40 Western Avenue and the A406 North Circular.”

Jerome Geoghegan, Group Director of Development and Sales at L&Q said: “We are pleased to be able to collaborate with Fairview on this exciting new development at Park Royal and we are confident we will be able to bring our extensive experience to help deliver this important site. L&Q are one of the leading residential developers in London and the South East, building high quality homes for people across a range of incomes.

“We have ambitious plans develop a pipeline of new homes over the next decade and partnership is at the core of our approach – working together to deliver communities that make the capital an even better place to live”.

Victoria Hills, Chief Executive of the Old Oak and Park Royal Development Corporation, said: “OPDC is delighted that Fairview have joined forces with L&Q First Central to help drive forward delivery of hundreds of new homes in the area and we look forward to receiving the planning application in due course.”

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UK property prices went up in September as new buyer enquiries rose – but new sales listings went into decline

Property prices continued to rise in September, as new buyer enquiries increased modestly – but the number of new homes being listed for sale dropped.

The average price of a property in the UK was £217,888 in September, with official statistics showing prices went up 7.7 per cent on an annual basis.

Property prices rose 0.2 per cent between August and September, according to the Office for National Statistics (ONS).

The ONS said the numbers for September “suggested a period of relative stability during the month”.

It noted the Royal Institution of Chartered Surveyors (RICS) found there was a “modest increase in new buyer enquiries” in September, and the volume of lending approvals also went up.

The ONS also cited RICS research showing new sales listings fell again in September compared to August, continuing the trend over the past seven months.

In London, the average price of a property hit £487,649 in September, rising 1.4 per cent compared to August, and up 10.9 per cent over the year.

Prices rose in almost every part of the UK in September, except in the north east, the south east and Yorkshire and the Humber.

“Although house price growth has cooled in parts of the UK, fundamentals suggest the long term upward trend will continue, and political uncertainty must not distract policymakers from the underlying structural issues that continue to plague the housing market,” said John Eastgate, sales and marketing director of OneSavings Bank.

“Buyer demand has rebounded following political uncertainty over the summer to rise for a second consecutive month in October.

“In contrast, estate agents are reporting fewer available properties on their books, a symptom of the chronic undersupply facing the UK housing market. This will push up prices in the longer term, hampering affordability, at a time when real term incomes may begin to fall.”

Eastgate added that he isn’t expecting a “silver bullet” at next week’s Autumn Statement, but does hope for measures introduced to encourage construction and improve affordability in the housing market.

“An £18m fund announced last week to accelerate planning permissions in England is one such measure, but this alone is a drop in the ocean if we are hit the 300,000 new homes per year that the UK will need,” he said.

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Wembley Park project secures financial backing from three institutional heavy-hitters

The firm behind the multi-billion pound redevelopment of the land surrounding Wembley Stadium has announced a vital £800m refinancing, which paves the way for its “new masterplan” for the area.

Quintain, which was last year taken private in a £745m deal by US private equity firm Lone Star, announced it would replace its £425m loan from Wells Fargo with facilities provided by three lenders.

Wells Fargo will continue to provide funding but will be joined by insurance behemoth AIG in providing a £560m senior facility to Quintain. An additional £240m of mezzanine debt – which ranks behind the senior facility in the event of the business going bust – will be provided by the Canadian Pension Plan Investment Board.

In May, Brent Council approved Quintain’s new masterplan for Wembley Park. The plans include the building of a combination of residential and commercial properties. The firm said more than 7,000 new jobs would be created.

Eyebrows were raised by the Football Association (FA) when the council gave the go-ahead. The FA said the plans would mean departing fans from the iconic Wembley Stadium would be funnelled down narrow streets. It called them a “receipt for disaster” and create a “kettling pen” on match days.

Quintain’s finance director, Simon Carter stressed the importance of the securing the funding. He said it would give “the flexibility we need to deliver our plans to build new homes for London”.

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Barratt cuts prices on luxury London flats

Barratt Developments described the London luxury residential market as “challenging” today as it confirmed price cuts across some of its high-end schemes.

It has also sold on a complete block in a build and sale deal.

Barratt said: “Market conditions in London at higher selling prices remain more challenging.

“To mitigate these risks we have taken pricing action on a number of our sites in London.

“Further actions to de-risk London delivery include an exchanged build and sale agreement on a bespoke development of 39 apartments for a total value of £47m.”

Barratt described the overall market as “healthy” as it prepared to return a record dividend of £248m to shareholders this month.

It is also trialling modern construction methods on sites to reduce dependency on some trades as skills shortages continue.

Chief Executive David Thomas said: “Barratt’s commitment to quality design, build and excellence in market-leading customer service has supported our strong sales performance.

“Our focus remains on maintaining good operational and financial performance, and delivering attractive shareholder returns.”

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House prices in this London borough fell by £3,000 a day last month

UK house prices might be marching ever upwards, but there’s one section of the UK where growth is faltering: the top end of London’s market.

In recent months growth in so-called prime central London has faltered, partly thanks to the Brexit vote and partly thanks to waning interest from foreign buyers.

Now analysis of Land Registry has suggested homes in one London borough lost £3,000 a day in value in the last month.

Research by online estate agent Emoov found the six per cent fall in prices in Westminster equated to a loss of £65,076 in one month – just under £3,000 a day.

If house prices keep falling like that for a whole year, values in the local area will have fallen 72 per cent, from an average of £1.03m.

Meanwhile, in Islington, prices fell one per cent in the last month – which works out at £7,171, or £231 a day.

Figures published by London Central Portfolio (LCP) last week showed sales of houses worth more than £10m fell 86 per cent in the three months to August compared to the same period last year.

Meanwhile, figures from Knight Frank showed prices in Chelsea have fallen as much as 10 per cent in the past year, while prices in Notting Hill were down 5.3 per cent.

“The property market in Prime Central London has taken a beating in the past year, but despite this, homeowners are still pricing their properties unrealistically for current market conditions,” said Emoov founder Russell Quirk.

“Although the London property market remains stable despite buy to let stamp duty changes and the referendum, the upper end of the market is dwindling in desirability.

“It is unlikely that the rate of decline seen over the last month in the likes of Westminster, in Islington, will remain consistent over the following 11 months, but this research stands as a warning to London’s most prestigious homeowners of what could happen and evidently already is.”

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