Cain Hoy Enterprises and Galliard Homes have bought a 19-acre site at one of London’s last working wharves for a £500m, residential-led project.
The duo will bring forward Peruvian Wharf, E16, a 1,000-home scheme which has been stalled since before the onset of the global financial crisis.
They have bought the site near West Silvertown DLR station from Ireland’s National Asset Management Agency. Nama controlled the site as it owned debt taken out by previous owner Cyril Dennis’s Capital & Provident. Dennis will retain an equity stake in the project.
A public consultation on the scheme is due to begin next week. It is expected that planning will be achieved in the next 12 to 18 months, with delivery in 2019 or 2020. One-third of the homes will be affordable.
Cain Hoy chief executive Jonathan Goldstein said: “We want to build homes that are affordable for Londoners, not luxury product for the overseas market. This is not going to be some grandioso scheme selling at £2,000 per sq ft.”
An environmental impact assessment submitted last year indicated the development of seven buildings of between four and 21 storeys and the inclusion of office, retail and leisure space.
Developing Peruvian Wharf has been a difficult process ever since Dennis bought the site in 1999 from Tate & Lyle. Numerous applications submitted over eight years were rejected, in part due to the potential impact on residents of living near industrial operations
The new proposals are only for the northern part of the site and Galliard, which will manage the development of the scheme, is working with the GLA and Port of London Authority to “seek a comprehensive approach to the entire site”. The proposals will be designed to coexist with the existing wharf.
The purchase is part of a complex deal which also includes the acquisition from Nama of the 53-flat Six Senses Residences in Courchevel, France, which was also owned by Dennis. It has resulted in a total investment of €90m (£68.4m) by Cain Hoy and Galliard, backed by a loan from Security Benefit.
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