Hammerson/Ballymore hammer out Bishopsgate Goods Yard deal

By Paul Norman - Tuesday, January 31, 2012 17:37

The Ballymore Group and Hammerson, joint developers of the former Bishopsgate Goodsyard, have completed a new deal with site owner Network Rail that will enable them to bring forward plans a phased development of a major mixed-use quarter.

The deal follows 12 months of negotiation with Network Rail and will enable the joint venture to draw down parcels of the 10 acre plus site in specific development phases. The agreement aims to create greater flexibility in delivering future development across the site than in previous proposals.

Proposals to regenerate the Goodsyard have been progressed over the last few years through the development of Interim Planning Guidance (IPG), which has been adopted by the London Boroughs of Tower Hamlets and Hackney, and endorsed by the Mayor of London.

Under the IPG the Goodsyard site has the potential to deliver up to 2,000 new homes, office space for large organisations and start up enterprises, retail and leisure facilities, and large areas of new public open space.

Andrew Hilston, assistant director at Hammerson said: “This deal marks an important next step in the process of unlocking the regeneration potential of one of the of the last major undeveloped strategic sites in the heart of the Tech city. This now paves the way for us to develop our ideas which build upon the work already undertaken in the production of the IPG.”

David Laycock, senior development manager at Ballymore, added: “We see great potential for the regeneration of the Goodsyard to create real opportunity for Shoreditch by creating a scheme which provides new employment, retail outlets, new homes and a major new park and the deal announced today with Network Rail undoubtedly moves us closer to making that a reality.”

Network Rail director of property David Biggs said: “We look forward to working in partnership with the joint venture to help deliver a unique development that will regenerate this part of the city. This site presents another great opportunity for Network Rail to drive value from non operational railway land which can be reinvested into improving the rail infrastructure.”

Hammerson and Ballymore first began working up plans for the Bishopsgate Goods Yard site in 2002 following Hammerson’s acquisition of a 24-strong portfolio of failed state train company Railtrack’s property interests.

pnorman@costar.co.uk

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