London Square Partners and leading housing association Peabody are moving ahead with a major joint venture partnership to deliver a £300 million transformation of the Vulcan Wharf site in East London with 457 apartments, including 35 per cent affordable homes.
The scheme will create a new neighbourhood close to the Queen Elizabeth Olympic Park in E15 with homes offering a mix of tenures, including affordable rent, shared ownership and homes for private sale. 50 per cent of the homes will be family-sized apartments. The design of the mixed use development by Assael Architecture will reflect the Wharf’s industrial heritage, with distinctive brick facades and metal detailing at top floor level. The scheme will also incorporate nearly 100,000 sq ft of commercial space. A 4,000 sq m raised podium will create open space for residents on an impressive scale, with trees and landscaping and plans for outdoor leisure facilities being considered, plus a series of courtyard spaces.
The 3.4 acre former soap and oil works site is located where the Bow Back Rivers and River Lea meet, close to Pudding Mill Lane DLR station in Stratford. A new public space, where the two rivers join, will open up the stretch of water to the public for the first time and will be part of a series of linked green spaces, with new cycle routes.
The site, which was given planning consent at the end of last year by the London Legacy Development Corporation, will play a strategic role in the wider regeneration plans for the Pudding Mill area. Work will start in August this year.
Adam Lawrence, Chief Executive of award-winning developer London Square, which runs London Square Partners, said:
Our joint venture with Peabody will provide a formidable combination, with Peabody’s outstanding reputation and track record for providing much-needed affordable homes in London, coupled with our experience for tackling complex sites to develop mixed use developments, transforming derelict and neglected areas of the capital. Vulcan Wharf will play a vital role in the regeneration plans for the wider area, creating a new neighbourhood where people will want to live, providing new jobs and stimulating the local economy.
This is London Square’s fifth partnership with Peabody - currently working together on the Holloway Prison site and London Square Bermondsey, following successful collaborations on London Square sites at Streatham Hill and Caledonian Road.
Dick Mortimer, Executive Director for Development and Sales at Peabody said:
We are pleased to be partnering with London Square to be delivering more affordable homes for London. Vulcan Wharf is in a fantastic location where people want to live and will provide great quality new homes alongside new green space and connected cycle routes for the local community.