Out-Law / Your Daily Need-To-Know

Chinese developer Greenland to press on with Spire residential tower

Out-Law News | 15 Sep 2016 | 1:03 pm |

Chinese developer Greenland intends to commence construction of a residential tower near Canary Wharf in London next year, despite warnings that the market for new apartments in the capital has cooled following the UK's vote to leave the EU.

Greenland Group is due to open presales of apartments in its proposed Spire London development next month, with construction due to commence in early 2017 and completion scheduled for 2020.

Tower Hamlets Council resolved to grant planning permission for the scheme in February after a planning officer recommended the proposals for approval (80-page / 8.9 MB PDF).

The plans include a 67-storey, 235 metre high tower on Hertsmere Road overlooking West India Quay. The tower will contain 861 apartments, of which 91 will be classed as affordable housing.

All residents will have access to facilities including meeting rooms, a games room and a crèche. Private buyers will also be able to use a spa, swimming pool, gym and 'club room' on the building's 35th floor.

Planning expert Victoria Lindsay of Pinsent Masons, the law firm behind Out-Law.com, said: "This is a boost to the capital's post-Brexit property market which has seen some uncertainty since the EU referendum result but been boosted by sterling's devaluation and renewed international interest. However, it remains to be seen how the launch of presales next month fairs."

"Greenland has committed to 30% affordable homes for the project which will be located on the lower levels of the tower and is a reasonable deal for the developer," Lindsay said.