London & Regional Properties
Durkan was instrumental in introducing L&Q to this scheme having worked with them on a number of similar high profile regeneration projects.
We help negotiate an arrangement whereby L&Q purchased the affordable housing element of the regeneration.
London and Regional had previously negotiated a purchasing arrangement with an alternative Registered Provider but this group had been unable to raise the finances necessary and had withdrawn from the agreement.
This was the first phase of a multi-million pound regeneration of the derelict Lovell’s Wharves at Greenwich.
Phase 1 delivered 267 homes and brought forward a large proportion of the social rented homes early in the scheme; an arrangement arrived at with the local authority as part of the development planning negotiations.
Phase One was built as four, seven-storey apartment blocks, with 30 townhouses interspersed on the site.
Although the majority of units in phase one are affordable, we completed a number of private sale units including high value multi-aspect penthouse apartments that sold quickly and returned an early income stream for our client.
Our own experience of developing and marketing exclusive London development schemes provided a positive benefit for our clients.
A thorough understanding of the financial mechanisms and programming requirements involved meant we were able to respond to our client’s needs with a timely, high quality product.
Following the successful completion of 267 affordable houses and flats in phase one of this prestigious development, Durkan entered into a negotiated partnering agreement with London and Regional Properties to design and construct a further 273 private sale apartments.
The second phase of the project included the construction a of a double storey basement with parking, residential storage areas, plant rooms and a substation for electricity supplies to the development as well as commercial buildings, a café / restaurant and leisure centre with swimming pool.
With views out across and along the river Thames the private apartments have proved very popular and sales have outstripped initial forecasts.
Areas between the apartment blocks have been developed to incorporate community amenity space with a combination of sports pitches, landscaped gardens and the repair of the river wall to reinstate the river walk that connects Greenwich Town Centre to the O2 peninsula.
The affordable homes (in rented and shared ownership tenures) were sold to local housing association, London & Quadrant.
The first two phases are part of an overall scheme that will eventually deliver a high-profile riverside development of more than 700 mixed tenure homes, restaurants, an hotel, leisure centre and commercial/retail premises for local businesses.
We have utilised the project at Greenwich to provide a wide range of training and employment initiatives for local people.
Working in close collaboration with Greenwich Local Labour and Business (GLLaB), we have secured a local labour rate in excess of 40% as well as providing more than 200 jobs for residents of the Royal Borough of Greenwich.