Lendlease and Starwood Capital have revealed plans to purchase Silvertown Quays, a major urban renewal project in London'.
Valued at £3.5 billion, the scheme will deliver seven million sq ft of residential and commercial space in the city's East End, including 3,000 new homes and the restoration of the historic Millennium Mills and the listed Silo-D.
Both Lendlease and Starwood will jointly acquire The Silvertown Partnership from its existing shareholders, First Base, Chelsfield Properties and Macquarie Capital, on a 50% co-investment basis.
In addition to developing over 900 'affordable' homes within the 20-acre site, the regeneration will feature extensive, high quality public realm realm and is well connected to existing DLR stations adjacent to the site. A new walking and cycling bridge will be built to link the site to Custom House station (which will be served by Crossrail) while the project will also incorporate restoration of the dock walls, new public spaces, as well as high quality commercial and retail space providing new employment opportunities for the residents of Newham.
Dan Labbad, Chief Executive Officer, International Operations, Lendlease said: "London is universally recognised as one of the world's most exciting cities. In order to maintain its rich mix of cultures and people, the city must continue to deliver projects like Silvertown Quays.
"Working in partnership, we plan to create a place that's innovative and environmentally sustainable, and will provide tangible benefits for the local community for the long-term. These are standards and commitments we apply to all our work and Silvertown Quays is no exception."
Jeff Dishner, Global Head of Real Estate Acquisitions, Starwood Capital, said: "We are excited to partner with Lendlease on this prominent East London regeneration scheme that will help address London's much needed affordable housing and private residential demand.
"We believe in London's long-term growth potential and are confident that the underlying value for this waterfront site will benefit from Crossrail connections and deliver a new gateway destination creating a strong visitor experience.
"Working with Lendlease, our vision is to invest significantly into the infrastructure around the site and create a completely new and creative neighbourhood that meets consumer demand, reinvigorates London's East End and delivers for our investors."
(LM)
Time and date
CONSTRUCTION DIRECTORY
Construction News
13/06/2018
Lendlease Partners With Starwood To Purchase £3.5bn Silvertown Quays
Latest Construction News
20/12/2024
Norwich City Council has acquired the Anglia Square Shopping Centre, paving the way for a transformative redevelopment of the prominent city site. This marks a key milestone in the Council's plan to rejuvenate the area, creating a vibrant hub with approximately 1,100 new homes, business ...
20/12/2024
SSE Energy Solutions (SSE), has signed an agreement to collaborate with Darlington Borough Council (DBC) to support the development of a town-wide heat network. While the project is in the early stages of development, SSE's current plans include constructing an Energy Centre containing large air ...
20/12/2024
Hubexo has opened its new UK and Ireland office, located next to the iconic Blackfriars Bridge in central London. The new office will serve as a dynamic base for Hubexo's teams across its UKI products, including Glenigan and NBS, as well as global Hubexo colleagues. The centrally located space ...
20/12/2024
Six social housing residents in Exeter have become the first in the UK to move into homes with no energy bills for at least five years, thanks to Octopus Energy's 'Zero Bills' initiative. The homes, located in the Nexa Fields development, are powered by cutting-edge green technology, including ...
20/12/2024
South Cambridgeshire District Council has granted planning permission for up to 4,500 new homes at Waterbeach, marking a major step in the development of the area into a new town. The outline permission, issued to RLW Estates, includes plans for housing as well as business, retail, community, ...
20/12/2024
A joint venture between Siemens Mobility and Costain is set to be awarded a major contract to deliver high-voltage (HV) power supply systems for HS2, the high-speed rail project connecting London to the West Midlands. The contract covers the entire 225km route and represents a significant ...
19/12/2024
Norwich City Council has approved plans to install over 600 solar panels on the roof of Riverside Leisure Centre, marking a significant step towards reducing the building's energy costs and carbon footprint. Set to be installed in early 2024, the solar panels are expected to cut the leisure ...
19/12/2024
The latest images of the transformational Stockton Waterfront urban park have been revealed, marking one year since work began on the project. Led by Esh Construction and commissioned by Stockton-on-Tees Borough Council, the development is a cornerstone of the Council’s 25-year vision to reshape ...
19/12/2024
Caddick has reached a major milestone in the construction of Ark 42, a 42,594 sq ft speculative industrial and logistics development at Trafford Park Road, with the steel frame structure now complete. Commissioned by Trebor Developments on behalf of The Prudential Assurance Company and M&G Real ...
19/12/2024
Skanska has reached a major milestone on the M42 Junction 6 scheme near Birmingham, opening the A4545 link road and the new motorway junction 5a to traffic for the first time on Wednesday, December 18. The new 2.4km dual carriageway, part of a three-year project for National Highways, aims to ...