Hill and Peabody enter into £350 million East London regeneration joint venture
Housebuilder Hill announced a strategic land joint venture with Peabody, one of London’s oldest and largest Housing Associations, that will see two new flagship regeneration projects deliver almost 900 new homes in East London. Peabody has committed their iconic Fish Island Village site into the joint venture, alongside our Lea Bridge Road development in Leyton. Combined, the two sites have a GDV of over £350 million and represent the first joint ventures between our organisations.
The brownfield site at Fish Island was previously warehouses and industrial buildings, overlooking the Hertford Union Canal. When complete, Fish Island Village will comprise 434 private apartments, 146 affordable homes and 57,000 square feet of commercial space, of which 48,000 square feet will be operated by social enterprise, The Trampery. The Queen Elizabeth Olympic Park is just a short walk away, while the shopping and entertainment destination, Westfield Stratford City, is only one mile from the development.
Fish Island Village has been designed by Haworth Tompkins, Pitman Tozer and Lyndon Goode Architects. Each of the one, two, three and four bedroom apartments and maisonettes will be located around a series of landscaped piazzas and courtyards, which are designed to create vibrant and thriving communal areas. Hill and Peabody’s partnership with The Trampery will also build on Fish Island’s artistic heritage, aiming to inspire creativity amongst entrepreneurs by incorporating studios, workshops and a gallery.
The Lea Bridge Road site will see 300 new homes built, including at least 62 affordable properties. Designed by Pollard Thomas Edwards Architects, the flagship scheme comprises nine residential blocks up to 18 storeys in height set around a landscaped central courtyard, with 21,000 square feet of ground floor commercial space and a gym.
Located between the major destination centres of Stratford, Walthamstow and Lea Valley, the development is adjacent to the recently re-opened Lea Bridge Rail Station, where trains to Stratford and Tottenham Hale take approximately five minutes.
Andy Hill, Chief Executive of Hill, comments:
“This strategic joint venture with Peabody is a significant milestone for Hill. Our London presence has grown steadily over more than 15 years but these two new projects cement us a key player in city centre regeneration. Working with Peabody has been an ambition of ours for many years and I’m delighted that these iconic schemes will be the first, of hopefully many, major regeneration projects to come.”
Stephen Howlett, Chief Executive of Peabody, comments:
“Peabody and Hill share a common approach and long-standing commitment to providing distinctive, high-quality new homes across a range of tenures. We are pleased to finalise this partnership agreement, which is Peabody’s first large development through a joint venture arrangement, and look forward to working with Hill to create much needed new homes, jobs and business opportunities in East London. Peabody’s new development programme constitutes almost £2bn of investment in new housing, and we continue to look for opportunities that will help us to do more to tackle the capital’s growing housing crisis.”
Sales are expected to launch at Fish Island in late-Spring, with the first homes expected to be complete in early 2018.