Development Securities in joint venture with Cathedral Group, today announces that the London Borough of Hillingdon has resolved to grant planning consent for its 1.5 million ft² (approx. 139,350 m²) mixed-used regeneration scheme, The Old Vinyl Factory in Hayes.
The master plan will bring forward the development of a high-quality, mixed-use regeneration scheme.
The 18-acre site was acquired by the partnership in April 2011 for £16.0 million (approx. 19.7 million) and largely comprised of empty and semi-derelict buildings. Since acquisition, planning consent has been achieved for the Gatefold Building, the first phase residential element of the scheme comprising 132 apartments which will kick start the scheme with construction on site expected to commence shortly.
Parts of the site have also been remediated and one of the commercial buildings, the Shipping Building, has been refurbished to enhance the working environment.
The master plan for the whole site will bring forward the development of a new, high-quality, mixed-use regeneration scheme comprising 550,000 ft² (approx. 51,095 m²) of commercial space, up to 642 new homes, a central leisure street with cafes, bars and a nine-screen multiplex cinema as well as attractive new public space throughout the site.
The proposals have been designed by leading architects, Allford Hall Monaghan Morris and Duggan Morris Architects and once complete, will deliver a new sustainable destination for Hayes with up to 4,000 new jobs created and providing the quality of space to attract top tier commercial and leisure brands.
Matthew Weiner, Director, Development Securities said: "The Old Vinyl Factory is a vibrant and diverse mixed-use scheme that will inject new investment and jobs into the Hayes economy by providing a dynamic living, working and leisure environment.
"We have worked closely with local politicians and stakeholders at every stage of the process and the positive and speedy conclusion of our planning applications confirms that we have proposed the right scheme for this much treasured site. We look forward to delivering our plans and creating a new high-quality destination for Hayes."
Source: Development Securities