U+I, the mixed-use property regeneration specialist, has exchanged contracts with landowner, Parkdale Investments, to bring forward a new mixed-use regeneration project for the Forest Works site on Blackhorse Road, North East London.
The 3-acre industrial site has the potential to deliver 300 new homes and 5,500 sq. ft. of commercial space for the area, with a GDV of £95 million.
Less than 150 metres from Blackhorse Road Station, Forest Works sits within an area that has already been earmarked for significant wider regeneration. The site has been identified as a hub within the London Borough of Waltham Forest’s Blackhorse Lane Area Action Plan and is located within the new Blackhorse Lane housing zone, which is aiming to deliver over 2,500 new homes and 1,000 new jobs in the next ten years.
Councillor Clare Coghill, Cabinet Member for Economic Growth and High Streets has described Blackhorse Lane as the area with “the greatest potential for improvement of any part of the borough.” As well as £200 million of private investment, it is benefiting from support from the Mayor of London’s Outer London Fund for improvements to its high street and public amenity spaces. In January 2016 it was also announced that Blackhorse Road Station would receive £2.2 million investment from TfL for improvements to the station and surrounding area.
Working closely with the London Borough of Waltham Forest, U+I will develop plans for Forest Works reflecting the Council’s and local community’s aspirations for the area.
Simon Hesketh, Director of Regeneration, U+I said:
“We are delighted to be working with Parkdale Investments on a mixed-use regeneration project that will deliver significant benefits to the local area.
“Forest Works demonstrates U+I’s ability to uncover regeneration opportunities within emerging parts of the London City Region. We are focussed on creating long-term social and economic change for the places in which we develop and we look forward to working with Waltham Forest council and the local community to progress our redevelopment plans for the site.”
An initial planning application is expected to be submitted in early 2017.
Grant Mills Wood acted for Parkdale Investments.