Out-Law News 1 min. read
18 May 2012, 5:07 pm
Both developers were selected by Poplar Housing and Regeneration Community Association to complete the work on the proposed mixed-used redevelopment, which would include up to 403 new homes.
Proposals include 403 flats in a newly built block. It is planned that 125 of the flats would be made available for affordable housing and a further 36 would be made available for shared ownership.
The partnership between the developers is proposed to be a 50% split, with both parties financing half of the regeneration. London & Regional Properties had previously been named as the preferred bidder on the site, but pulled out in 2011.
The plan is for United House to underwrite the residential element of the scheme and Allied London to underwrite the commercial aspects of the scheme, said Jeffrey Adams of United House. Adams added that both companies would have liability towards each other.
It is likely that the developers will seek funding from banks to finance the project.
Plans for the commercial aspect of the scheme include plans for a food store and a number of restaurants.
“Commercially, it has a lot of similarities to the Brunswick Centre in Bloomsbury,” said Michael Ingall. “I see this as developing another London village.”
It is thought that the commercial aspects of the scheme would be new built, except for the old market, and the residential elements are expected to be provided in redeveloped existing buildings.
