Chelsfield/First Base add 1,000 plus homes to Silvertown plans
Chelsfield Properties and First Base have increased the number of homes they expect to build as part of the £1.5bn regeneration of Silvertown Quays in London’s Docklands by more than a 1,000.
The duo signed an agreement in June of last year for the 50-acre site and plan to develop an avenue of “brand pavilions” where companies can display their products.
At the time the Silvertown Partnership said the scheme will also comprise a mix of commercial and retail premises and business incubator space as well as 1,500 homes.
Ahead of submission of an outline planning application, with the masterplan by Arup, to Newham council this year, Chelsfield and First Base have launched a public exhibition of the current plans.
The partners are now proposing more than 2,500 homes which will be built around the fringes of the “branded space” alongside commercial buildings, restaurants, local shops and waterside parks.
They predict the scheme will create 14,000 jobs and bring £260m pa to the local economy. It will be an incubator for small businesses and global brands.
The premise is that Silvertown Quays will be the central UK destination for global brands to showcase product and designs and interact with consumers.
Work on the first phase of the site is expected to begin in 2014/15 with the first businesses moving in in 2017. The whole development has been predicted to create £6.5bn of economic benefit for the UK economy over the next 25 years.
Silvertown Quays has been the focus of previous ambitious plans that have stalled.
In February of 2010 the LDA terminated its four-year agreement with the Silvertown Quays consortium and its banking partner Lloyds Banking Group for a consented 5.3m sq ft scheme.
Progress was held back by the credit crunch. Efforts by the consortium to restructure the deal and bring in Barratt Homes and British Land to take the scheme forward also foundered.
It was the focus of the Mayor's inward investment pitch at MIPIM two years ago.
The three final bidders were: Chelsfield Consortium, made up from Chelsfield Partners, First Base and Imagination Europe; DV4 Limited, advised by Delancey Real Estate Asset Management; and St George Central London.
Last year Mayor of London Boris Johnson also unveiled the agreement for the £1bn redevelopment of the neighbouring Royal Albert Dock with Asian developer ABP Chinese (Holding) and Stanhope.