Criterion Capital bags 1,000-home Greenwich scheme

Criterion Capital has acquired Morgan Stanley’s Maritime View residential development in Greenwich, SE10. The London developer, which is led by billionaire Asif Aziz, is proposing a 100% affordable build-to-rent scheme, replacing previous plans for the highly controversial cruise liner terminal. Criterion is best known for its vast Leicester Square empire, including the London Trocadero, and in recent years has turned its attention to the BTR sector. It will invest £250m to deliver up to 1,000 compact homes at discount market rent, alongside public realm and a new pier for the Thames Clipper. Morgan Stanley instructed JLL to sell the 1.95-acre riverside site, which has consent for 477 homes, in 2017. It was previously under offer for £26m to London Square and Criterion stepped in with an unconditional cash offer. Maritime View is located within the Enderby Wharf regeneration area on the former industrial land on the western side of the Greenwich Peninsula. It is adjacent to Barratt’s 770-home scheme. The region has seen a large amount of development planned for the for-sale market and Criterion is looking to offer an alternative rental product targeting the affordable market. The London City Cruise Port would have been London’s first dedicated cruise terminal, set for construction in 2017. Last year it was announced that Morgan Stanley had dropped plans for the port, following protests that it would lead to increased pollution. Chief Executive of Criterion Capital Asif Aziz, said: “Although the cruise terminal was a profitable proposition, I agree with the local residents who have complained that it would cause significant environmental damage. Instead, in conjunction with the Royal Borough of Greenwich and through an open and constructive conversation with local residents and community groups, we shall deliver innovative low-cost housing for rental. This will be designed for those who either can’t or don’t want to buy, and will be served by excellent public transport links including the Thames Clipper.” Criterion is currently reviewing design proposals from Assael Architecture and will work with Greenwich Council planners to revise the existing consent, with a planning application expected this year. The development will see Criterion expand its BTR pipeline to 5,000 homes. It follows the acquisition of Camberwell Green Magistrates Court for £13.5m earlier this year, the company’s first acquisition in around four years. The developer has a vision to build a portfolio of 15,000 rental flats in the capital. Morgan Stanley and JLL declined to comment. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette