A £110 Million mixed-use Regeneration Scheme to go ahead in Greenwich

Leading property developers, Development Securities and the Cathedral Group, have confirmed today they have bought a 2.2-acre site in Greenwich town centre which will enable the development of a 350,000 sq. ft. mixed-use regeneration scheme, paving the way for new jobs in the building construction industry.

Following completed acquisition of the site for £16 million, both companies are now able to begin infrastructure work in order to prepare the land for the £110 million scheme which will include 25,000 sq. ft. mixed-use leisure and retail space.

From an earlier announcement it became clear that Development Securities has exchanged contracts for a £50 million residential element of the scheme with Willmott Dixon.

In addition, contracts for sale have been exchanged with McLaren at £8.3 million for the building of a 358-bed ‘student village’; the deal is expected to complete in August this year.

Chief Executive at Development Securities, Michael Marx, said: “This is a good example of the successful implementation of our strategy to create value by repositioning secondary or tertiary real estate into prime or near-prime development via the process of regeneration.”

If you are living in Greenwich, what’s your reaction on the substantial development which will transform the area? Share your thoughts about the future implications of the scheme by commenting here or raising your voice on our Facebook page.

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