Out-Law News 1 min. read

Greenwich approves £85m Abbey Wood regeneration

The London Borough of Greenwich has resolved to grant planning permission for a mixed use scheme at the 10 acre Cross Quarter site at east London's Abbey Wood.

The scheme, which will be brought forward by Development Securities in a joint venture with Berkeley Investment Capital, will comprise up to 216 new homes, an 80-bed hotel, 5,000 square feet of commercial space, a nursery, a new public square and a supermarket which has been pre-let to Sainsbury's.

Under the proposals 11% of the new homes will be affordable. The Council's planning officers said in their report (56-page / 313KB PDF) that, based on the developer's viability assessment and the fact the surrounding area is "well served" by affordable units, they considered that the proposed amount was not contrary to local plan policy or London Plan policy.

Development Securities said in a statement that they have also entered a joint venture agreement with Gallions Housing, which owns land adjoining the site, to put forward further land for redevelopment.

“Cross Quarter perfectly exemplifies our strategy of repositioning redundant and undervalued assets through the process of redevelopment and planning change in order to create a product for which demand is strong," said Development Securities executive director Matthew Weiner.

"We are pleased to have secured Resolution to Grant Planning and also an anchor tenant in less than two years since the site was first acquired. Our scheme will create a valuable new destination for Abbey Wood and we look forward to bringing it forward,” he said.

The joint venture partnership has said it expects the scheme to generate over £135m for the local economy over the next 10 years and, once completed, to create around 450 new jobs, 350 of which would be at the new supermarket.

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