London Square to acquire £500m Greenwich resi-over-car park scheme
London Square is in talks to buy a £500m resi-over-car park development in Greenwich, its largest scheme yet.
The developer has agreed to acquire the 13-acre site on Bugsby’s Way, SE10, from Singaporean investment propco Weybourne Holdings, in an off-market deal, subject to planning.
London Square is understood to be planning 1,200 homes built on top of 1,000 redeveloped car parking spaces, and has engaged Greenwich Council ahead of a pre-application consultation later this year.
London Square is in talks to buy a £500m resi-over-car park development in Greenwich, its largest scheme yet.
The developer has agreed to acquire the 13-acre site on Bugsby’s Way, SE10, from Singaporean investment propco Weybourne Holdings, in an off-market deal, subject to planning.
London Square is understood to be planning 1,200 homes built on top of 1,000 redeveloped car parking spaces, and has engaged Greenwich Council ahead of a pre-application consultation later this year.
The car park is used by shoppers at the Millennium Retail Park, serving an Odeon cinema, B&Q and a recently opened Ikea.
The council has identified the car park as valuable for the borough, due to its proximity to the big box retailers and major road connections. It sits opposite the Greenwich Peninsula Ecology Park, to the north of the Blackwall Tunnel Southern Approach near Charlton Riverside.
Disused car parks provide valuable development land for residential developers in central urban locations, but few have incorporated provision of public parking space at scale.
Modular housing provider ZedPods has been expanding partnerships with local authorities to provide factory built homes on stilts on top of income-producing council parks. On the continent, companies including Danish architect BIG and developer Vinci have come up with more unusual concepts with multi-storey car parks as part of the design.
London Square’s largest scheme to date comes as the company ramps activity in the capital, with a particular focus on partnerships and affordable housing. It is working in partnership with Peabody to develop around 1,000 homes at Holloway Prison and in June was selected by Waltham Forest with housing association One Housing to develop its 300-home Lea Bridge scheme. Both developments will have 50% affordable housing.
Last month, London Square revealed its highest annual sales figures, driving revenue of £272.4m, up 62% on the year before. It reported a land pipeline of 2,353 at £1.2bn GDV and forward sales of £190m, of which 49.4% was attributed to affordable housing.
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Photo: Staunton Whiteman
