Barratt London today announces that it has agreed to form a 50/50 joint venture with a fund managed by Morgan Stanley Real Estate Investing to build 770 homes with a gross development value estimated at £275 million (approx. €320 million) on a riverside site in the Royal Borough of Greenwich.
The historic 8.9 acre site has 130 meters of river frontage and is located between the center of Greenwich and the O2.
In addition to new homes, the site has detailed planning permission for a cruise terminal, a 250 room hotel, commercial space and the restoration of the historic Grade II listed Enderby House that was built in the 1830s.
Barratt London will start construction of the residential elements, including 154 affordable homes, in the autumn of 2013. As with its other London JVs, Barratt London will provide construction, development, accountancy and sales services to the JV.
Morgan Stanley Real Estate Investing will work with West Properties to deliver the cruise terminal and hotel.
The site has a long industrial history and was first developed by the Whaling company, Enderby and Sons. Subsequently it was used to manufacture some of the first transatlantic telecommunications cables and a cross channel petrol pipeline to support the D Day invasion.
Source: Barratt London
