Galliard Homes, London’s largest private residential developer, and U+I, the mixed-use property regeneration specialist, have been selected by Royal London, the UK’s largest mutual life, pensions and investment company, following a competitive process, to form a development partnership for the regeneration of the principal part of the Westminster Industrial Estate in Charlton into a new £200 million (Gross Development Value) creative style urban quarter for London.
Sitting directly next to the Thames Barrier, the historic 5.8-acre industrial site will provide c450 residential units and creative workspace units designed around new public areas and landscaped grounds, providing a high quality environment meeting local housing and economic needs. The proposals will be designed by architects and master planners Studio Egret West.
The site is within the Charlton Riverside opportunity area designated by the Royal Borough of Greenwich and the GLA. The 250 acre regeneration area represents a major opportunity to create a new vibrant neighbourhood on the Thames frontage potentially providing up to 5,000 new homes complete with an enhanced Thames Barrier Park and dynamic river front.
The locality has been a significant industrial area since Victorian times (1870s onwards) and heritage restoration and great new buildings on the Westminster Industrial Estate site will kick-start the wider regeneration of this under recognised area of London, setting an agenda for positive change and creating an inclusive home for workers and residents alike.
U+I and Galliard Homes have combined their respective expertise in partnership, development, sales and construction in a unique joint venture which will optimise the potential of the Westminster Industrial Estate site, engaging with the local community and the local council to shape the development, alongside wider plans for the regeneration of Charlton Riverside.
Richard Upton, Deputy Chief Executive of U+I said: “We have been working in Greenwich for 25 years and here is another opportunity to deliver something that restores opportunity and celebrates the historic provenance of the area. We are delighted to be in joint venture once again with Galliard Homes – we have highly complementary skillsets. It is great also to be able to work with the Royal Borough again in this area that we know so well. Being able to bring the additional firepower and skills that Galliard Homes offers promises to deliver a world-beating team for this project. We can’t wait to get started on this creative urban village. We see this as a fantastic opportunity to bring a much-needed and truly exciting regeneration to Charlton. This project has all the hallmarks of a seminal piece of regeneration that can provide a part of London for real Londoners. We intend to deliver something quite exceptional.”
Stephen Conway, Chief Executive Office of Galliard Homes commented: We are very privileged and proud to have been developing landmark mixed use schemes all along the Thames since the early 90’s and are thrilled to be working with U+I and Royal London to transform this important Industrial estate into a new urban quarter providing a sustainable mixture of uses, including residential, in order to deliver a high quality environment which will benefit the local economy.Working with U+I we want to create a desirable community, set within the unique historic warehousing of the site – using design and place making to unlock its full potential for future residents.”
Daniel Shepherd, Senior Asset Manager at Royal London Asset Management, commented: "We’re looking forward to working with both Galliard Homes and U+I, as this agreement moves us closer to redeveloping the Charlton Riverside area. We’re extremely excited to begin work on this project, which will help to realise the area’s potential and ensure the regeneration is delivered successfully.”
Galliard Homes has almost 25 years of expertise in acquiring, developing and selling high profile regeneration schemes across London. The company has a multi-billion portfolio of development and has been at the forefront of the revitalisation of whole areas of the Capital.
U+I already has a strong presence in the area, with the neighbouring 10-acre Charlton Riverside Industrial Estate acquired by U+I, in joint venture with Proprium, last year. This latest announcement also reinforces U+I’s longstanding relationship with the Royal Borough of Greenwich and adds to an existing portfolio of projects that include; The Movement in Greenwich town centre and Telegraph Works and Morden Wharf on the Greenwich Peninsula.
This development adds to U+I’s extensive experience of PPP regeneration projects which include The Deptford Project, which has rejuvenated Deptford high street in partnership with Lewisham Council, and Clapham One which delivered a new library and health centre for Clapham in partnership with Lambeth Council. In partnering with Galliard Homes, U + I brings this particular skill set to the mix and opens up the potential for many other regeneration projects, bringing a unique blend of private sector expertise to a public sector partnership.
Leading property advisors GL Hearn and Savills acted for Royal London and Galliard Homes/U+I respectively.
Notes to editors:
About Galliard Homes:
Galliard Homes is London’s largest privately owned residential developer and the second largest house builder in the capital with a total GDV of £3.9 billion, Galliard Homes has over £1.6 billion worth of forward sales with over 6,000 residential units under construction. The Group has sites in planning with a GDV of £2 billion, Galliard Homes specialises in regeneration projects and typically develops and sells new homes located on brownfield land, priced from £200,000 to £2 million. Over the last five years, Galliard Homes has also successfully expanded into the ultra-prime sector of the housing market undertaking projects in London’s West End with units priced up to £35 million and hotels in areas such as Mayfair and Whitehall.
To find out more, visit www.galliardhomes.com
U+I is a specialist regeneration and property developer with a £5bn portfolio of complex, mixed-use, community-focused regeneration projects including a £200m investment portfolio, we are unlocking urban sites bristling with potential in the London, Manchester and Dublin city regions. We create long-lasting social and economic change for the communities in which we build and sustainable value for our shareholders.
To find out more, visit www.uandiplc.com
About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages over £101 billion of assets and employs 76 investment professionals. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
To find out more, visit www.rlam.co.uk
For further press information, please contact:
Olivia Blunt, Teneo Blue Rubicon:
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Alex Lawrie or Penelope Sainsbury, Lawrie Cornish Ltd:
020 7 935 4084
0207 506 6791