Barratt and Morgan Stanley form Greenwich joint venture

Out-Law News | 11 Jul 2013 | 3:47 pm |

Developer Barratt London and Morgan Stanley Real Estate Investing have agreed to form a 50/50 joint venture for a £275 million project to build 770 riverside homes at Enderby Wharf in east London's Greenwich.

The site comprises 8.9 acres of land between the centre of Greenwich and the O2 Arena and covers 130 metres of river frontage. In addition to the homes, of which 154 will be affordable, the scheme will also comprise commercial space, a cruise terminal, a 250 bedroom hotel and restoration of the Grade II listed 1830s Enderby House.

The scheme has been granted planning consent by the Royal Borough of Greenwich.

Under the terms of the joint venture, Barratt will provide the construction, development, accountancy and sales services of the scheme, and Morgan Stanley will provide funding and work with West Properties to deliver the cruise terminal and the hotel.

"This is a first class riverside site and we look forward to working with all the local stakeholders to deliver desperately needed homes and local facilities that will regenerate this important site," said Barratt London regional managing director Alastair Baird in a statement.

"We are looking forward to this exciting regeneration scheme breathing new life in to Enderby Wharf and the positive impact it will have on our local economy," said Greenwich Council Leader Chris Roberts. "Tourism already contributes £930 million per year to our local economy and supports over 13,000 jobs, so this will clearly be a massive boost for an already thriving local industry," he added.

Construction of the homes is expected to start in the autumn.