Long Harbour starts work on Capital & Regional’s Walthamstow site
Long Harbour will push ahead with its plans for nearly 500 homes in Walthamstow after Capital & Regional completed the sale of the site.
Long Harbour will now start construction on the site in its first joint venture with PSP Investments and Cadillac Fairview.
The development will consist of 495 one and two-bedroom flats within 34 and 27 storey towers. The towers will be connected by an expansive ground floor entrance and amenity space, including a publicly accessible reception with dedicated concierge, lounge area, and ground floor café.
Long Harbour will push ahead with its plans for nearly 500 homes in Walthamstow after Capital & Regional completed the sale of the site.
Long Harbour will now start construction on the site in its first joint venture with PSP Investments and Cadillac Fairview.
The development will consist of 495 one and two-bedroom flats within 34 and 27 storey towers. The towers will be connected by an expansive ground floor entrance and amenity space, including a publicly accessible reception with dedicated concierge, lounge area, and ground floor café.
Volumetric modular developer Tide Construction will deliver the scheme using its Vision modular system.
The pair originally exchanged contracts in 2020. Capital & Regional plans to use the £21.6m proceeds to reduce debts within The Mall Limited partnership.
The REIT secured planning consent at the end of 2021 for a residential-led development at its 17&Central community shopping centre in Walthamstow. The scheme will incorporate a new Victoria Line tube station entrance and a new park.
The first phase of the development, which will be delivered through the Long Harbour transaction, will include 495 BTR flats in two residential towers, including a 30% affordable housing provision, two-thirds of which will be incorporated within the residential development.
In recent months the REIT has secured vacant possession of units required to unlock the Long Harbour residential site, including JD Sports, Deichmann, Timpsons and Costa Coffee, who have all been relocated within the centre.
As part of the deal, Capital & Regional has been granted new 250 year headleases over the entire site from the London Borough of Waltham Forest.
CEO Lawrence Hutchings said: “A key element of our community shopping centre strategy is to explore and execute opportunities to create value. Having served Walthamstow for over 30 years, the residential development opportunity we have unlocked at 17&Central is an exemplar or what we want to achieve in this respect.”
He added: “We will also continue to seek further such opportunities at all our centres, working alongside Far East Consortium, following our strategic agreement last year.”
