Formerly known as Westminster Industrial Estate, the Charlton scheme is being brought forward in a joint venture with Galliard Homes and alongside landowners Royal London.
Both plan to transform the historic Siemens Brothers Factory overlooking the River Thames from a derelict site into a business, innovation and residential village, echoing the area’s industrial heritage.
Part of Greater London Authority’s Charlton Riverside Opportunity Area, the planned scheme will create nearly 500 new homes, of which 35% will be affordable alongside work space units and shops.
Richard Upton, Chief Development Officer at U+I, said: “Faraday Works will celebrate the industrial heritage of the site and deliver on the vision of the masterplan for Charlton Riverside to retain and grow industry and jobs, as well as meet the urgent need for new homes.
“We have consulted extensively with local people, businesses and other stakeholders, ensuring our proposals will create a pioneering mixed community on London’s riverside and an innovation and industrial hotspot.”