Major Development Plans In Greenwich

21st July 2020 posted in Property News

Given the current set of circumstances, you would forgive companies for holding back from committing to a significant project. This is going to be the case for many people and households, let alone businesses. Therefore, it is pleasing to know that there are some major development plans lined up for Greenwich.

There are plans in place to build 1,500 new homes on the Greenwich Peninsula. This is a £760 million scheme, and it is hoped that more than 1,000 jobs will be created. Again, in the current environment, there is a lot of concern about finances, so it is pleasing to see that some jobs might be created in the local area.

A lot of homes could be added to the local area

The developers U+I submitted plans to Greenwich Council for Modern Wharf. The land will be a considerable mixed-use development which will include 12 separate residential buildings. The new landscaped park is set to stretch for 275 metres alongside the River Thames.

Once Greenwich Council has verified the plans, it will be made available for the public. However, there have been many consultations with the local community. A previous consultation displayed a 37-storey residential tower being located at the site.

The plans are expected to open up three across of riverfront park, which will be referred to as Morden Park. The site will offer views of Canary Wharf across the Thames and to the Maritime Greenwich Heritage Site.

There will be affordable property in the mix

It is believed 35% of the 1,500 units will be affordable. The developers said the project would feature a blend of a private sale, shared ownership and London Affordable Rent. Many people will also be pleased to learn that there are plans to place a new pub at the site of the Sea Witch.

U+I expect the scheme to offer commercial and employment uses, and this will create the opportunity for more than 1,000 jobs. There will also be more than 2,400 construction jobs over the course of the development.

Richard Upton is the Chief Development Officer of U+1 spoke about the project, saying; “Morden Wharf will bring together new homes, retail, leisure, employment and an extensive riverfront park, to create a diverse community rooted in the site’s heritage. Centred on a beautiful park and world-class public realm this scheme is set to transform the area into a distinctive, green, mixed-use development, while driving growth and employment and delivering 1,500 much-needed new homes.”

It is likely there will be a slowdown, if not decline, in housing developments as we come to terms with the full impact of the COVID-19 pandemic. Therefore, if these plans are approved, it will be a good boost to the local market, and economy.

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