Development Securities secures resolution to grant planning at its £85 million (approx. €100.6 million) regeneration scheme, Cross Quarter, Abbey Wood.
Development Securities, in joint venture with Berkshire Investment Capital, today announces that it has secured resolution to grant planning for the development of Cross Quarter, a 10 acre, £85 million mixed-use regeneration scheme in Abbey Wood, South East London.
The consented scheme will comprise 220 private and affordable homes, an 80-bed hotel, 5,000 ft² (approximately 464 m²) of commercial space, community facilities and an 81,000 ft² (approx. 7,525 m²) anchor food store which was pre-let to Sainsbury’s in July 2012. Cross Quarter is located at the gateway to Abbey Wood and adjacent to its main train station which is the new South East terminus for Crossrail, due to be fully operational in 2018.
The site was acquired in May 2011 when Development Securities purchased 3.67 acres of vacant industrial land from LPA receivers acting on behalf of Lloyds Banking Group. Simultaneously, a joint venture agreement was reached with Gallions Housing, the adjoining land owner, to create a larger 10 acres of land for redevelopment.
Matthew Weiner, Executive Director, Development Securities said: “Cross Quarter perfectly exemplifies our strategy of repositioning redundant and undervalued assets through the process of redevelopment and planning change in order to create a product for which demand is strong. We are pleased to have secured resolution to grant planning and also an anchor tenant in less than two years since the site was first acquired. Our scheme will create a valuable new destination for Abbey Wood and we look forward to bringing it forward.”
Source: Development Securities