Lendlease team takes over £2bn London Docks scheme

Aaron Morby 5 months ago
Share

Lendlease and US property giant Starwood have bought out the development rights for the 62-acre Silvertown Quays redevelopment in East London’s Royal Docks.

Redevelopment of Millennium Mills will still form the centrepiece of phase 1

The partners will replace the Silvertown Partnership consortium of Chelsfield Properties, First Base and Macquarie Capital, which was selected as development partner by the Greater London Authority back in 2012.

Under the new deal, Lendlease Europe Holdings will act as development manager for the 7m sq ft scheme, following a phased transition from the existing development manager, First Base.

Silvertown Partnership was planning to redevelop the large swathe of former industrial land between Canary Wharf and London City Airport with offices and 3,500 homes.

Phase 1 at Silvertown Quays was ready to start with an iconic flour mill not used since the 1980s converted into a new centre for business and enterprise alongside more than 800 homes.

Under the new deal all works at Millennium Mills will form half of phase one  which must be completed before the lease agreement for phase 2 can be drawn down under the Master Development Agreement.

The deal includes as yet unpublished milestone dates for the submission of the approved planning application for the detailed planning permission for Phase 1 and its completion.

Dan Labbad, Chief Executive Officer, International Operations, Lendlease said: Working in partnership, we plan to create a place that’s innovative and environmentally sustainable, and will provide tangible benefits for the local community for the long-term. These are standards and commitments we apply to all our work and Silvertown Quays is no exception.”

Jeff Dishner, Global Head of Real Estate Acquisitions, Starwood Capital, said: “We are excited to partner with Lendlease on this prominent East London regeneration scheme that will help address London’s much needed affordable housing and private residential demand.

“We believe in London’s long-term growth potential and are confident that the underlying value for this waterfront site.

“Working with Lendlease, our vision is to invest significantly into the infrastructure around the site and create a completely new and creative neighbourhood that meets consumer demand, reinvigorates London’s East End and delivers for our investors.”

Rival bidder Indian conglomerate Essel Group had also submitted proposals to the Greater London Authority to purchase the site with plans  for a major world class visitor attraction, hotel and leisure complex to celebrate India’s culture and history.

The firm planned to work in partnership with HPW Architects and Mace on its project which has now fallen by the wayside.

A Silvertown Partnership spokesperson said: “We are very proud of the success of The Silvertown Partnership in unlocking the potential of Silvertown to deliver much needed homes; including affordable homes and thousands of jobs for Londoners.

“That vision for Silvertown is now being delivered with the planning consent for 7m sq ft secured and Millennium Mills’ future safeguarded.

“We wish TSP and its new owners LendLease and Starwood the very best in continuing the regeneration of the area.”

 

 

Latest news

B&K tipped for £60m Nottingham HMRC hub

Developers seal forward funding for Unity Square scheme
3 hours ago

Regal to build £55m Lords retirement homes block

Over 55s housing scheme will be build next to London cricket ground
5 hours ago

Caledonian takes £25m Wembley student pods order

Offsite specialist will deliver 680 bedroom modules for high-rise First Way Campus
6 hours ago

Kier raises £24m from Australian road business sell-off

KHSA road assets and management services business offloaded to pay down debt
13 hours ago

Robertson wins pair of Glasgow hotel jobs

Marriott and Moxy hotels to be built next to SSE Hydro venue
6 hours ago

Wates rejigs construction senior management

Mark Tant promoted to new managing director role at construction division
1 day ago

Stansted Airport expansion wins council approval

Ambitious airport expansion plans scrape through local planning
13 hours ago

Robot bricklayer builds house in under three days

Tech company hails a "quantum leap for the construction industry"
13 hours ago

Lendlease lands Oxford Street office and retail scheme

Main construction work to start early next year at Oxford House
13 hours ago

Green light for 335 PRS flats in Sheffield

Work to start next year on multi-block Sylvester Street scheme
13 hours ago

Alun Griffiths signs £70m final phase Worcester link road

Contractor to start work in March on A4440 Worcester Southern Link Road
1 day ago

Interserve fights to quell stock market jitters

Share price rallies after plunging to all time low yesterday as group denies crisis
2 days ago

Crossrail contractors facing overtime clawback

Bills questioned in race to get the job completed
2 days ago

Heathrow names airport expansion delivery boss

KPMG's Emma-Jane Houghton joins in February and is in charge of procurement, contracts and costs
2 days ago

British Land aims to start £385m London project duo

Developer looks to start major Shoreditch scheme and Paddington hotel within 12 months
2 days ago

Sisk tipped for Sheffield Park Hill estate student scheme

Work to start early next year on plan to convert former housing block to student rooms
2 days ago

East London raid saves modern slavery victims

Man arrested and six potential victims safeguarded
2 days ago

Contractor closes down concrete products business

Mounting losses force Concrete Products (Kirkcaldy) to cease trading
2 days ago

Payroll company ceases trading blaming VAT changes

Sprite shuts down as tax change looms which could have huge impact on construction
3 days ago

HS2 unveils Crewe Link £1.6bn civils bid plan

HS2 Phase 2a to be split into two civils packages worth over £750m
3 days ago

Landsec grows London pipeline of work to £2bn

Developer confident about property market in the capital
3 days ago

Plan for Sheffield’s tallest building approved

32-storey private rental flats scheme gains outline planning
3 days ago

McCarthy & Stone plans more competitive tendering regime

Retirement homes specialist advances building cost reduction plan
3 days ago

£384m North London community scheme approved

Britannia Leisure scheme will be built next to Shoreditch Park in Hackney
3 days ago

Forrest sites closed as contractor tries to refinance business

Company denies administration rumours as talks with banks continue
4 days ago

Pre-construction work starts on £1bn Silvertown Tunnel

Specialist ITM Monitoring lands deal under pioneering Tfl framework
3 days ago

Wates appoints former Willmott Dixon finance chief

Philip Wainwright joins as new Chief Financial Officer
3 days ago

Spurs strike deal to use Wembley for whole season

Club agrees contingency plan if new stadium still not ready in the New Year
4 days ago

Galliford Try appoints new highways ops director

Three former Carillion directors now senior directors at highways business
4 days ago

Plan for £410m London Camden Lock estate rebuilds

Estate rebuilds and linked Barratt scheme will deliver 1,300 homes at Camden Goods Yard site
4 days ago

Contractor services