9th September 2015
Green light for Greenwich Peninsula:
The largest single regeneration project London has ever seen
The largest single regeneration project the capital has ever seen, creating 15,720 homes, 12,000 jobs, and an entire new district for London on Greenwich Peninsula, has been given the go-ahead by the Royal Borough of Greenwich.
A diverse community for 28,000 people living in an area twice the size of Soho will now be created in this distinctive loop of the River Thames, wrapped by a public river frontage 1.6 miles long. The scheme will include two schools, independent shops bars and restaurants, public squares and parkland, all serviced by the Jubilee Line. The scheme has a gross development value of £8.4billion.
Developer Knight Dragon has unveiled a new vision for this residential led project, originally consented in 2004 on a much smaller scale but which had stalled for many years.
“It's a huge project and a huge responsibility” says Sammy Lee, Vice Chairman of Knight Dragon, “Something like this only happens once in a generation in London. We have big plans for the Peninsula and the team, the determination and the finance to deliver them.”
History in the making
The new masterplan for Greenwich Peninsula designed by internationally renowned London-based architects Allies & Morrison received a resolution to grant from Royal Borough of Greenwich last night.
Richard Blakeway, Deputy Mayor for Housing, Greater London Authority, hailed the approval of the capital’s biggest regeneration project. He said: "This transformation of what was a disused site will not only provide thousands of much-needed new homes for Londoners, but also bring jobs as part of the wider regeneration of this key opportunity area.”
A place for everyone
London has a real and urgent need for the delivery of more quality homes and the regeneration of Greenwich Peninsula helps address that imbalance of supply and demand. Of the 15,720 homes, a minimum of 3930 will be affordable and will be included in every neighbourhood on the Peninsula. Knight Dragon already has nearly 3,000 homes under construction, with 700 homes completing this autumn and the first residents moving in this month. Richard Margree, CEO of Knight Dragon says “Response to the new homes has been tremendous, with our 7th London launch last weekend. Savvy first time buyers, owner occupiers and investors clearly see the potential the Peninsula offers.
The Thames comes back to life
The 1.6 miles of the River Thames surrounding the Peninsula is set to experience a new lease of life. A 5km running track will sweep along the riverfront and weave through the neighbourhoods on the Peninsula. A floating performance space, The Jetty, has already opened and the MBNA Thames Clipper is set to increase its East London route. As the Peninsula develops, a possible direct Clipper service from Greenwich Peninsula to Canary Wharf is also being considered.
Imagination and collaboration
Over the last 18 months Knight Dragon have been collaborating with world-class creatives from different fields such as Tom Dixon, Stevie Parle, Conrad Shawcross, SOM and Conran & Partners to develop a new approach to urban renewal. Four new restaurants, two bars, an art gallery, golf driving range and new gardens are already open and the Peninsula will host Alex Chinneck's landmark piece for the London Design Festival later this month. Margree says “We seek out the best talent who share our belief that big ideas and attention to detail must go hand in hand to deliver brilliant, authentic and enduring concepts.”
The Peninsula in numbers
Some key facts highlight the sheer size and scale of this ambitious masterplan:
150 acres – twice the size of the Kings Cross regeneration scheme
15,720 homes – including a minimum of 3,930 affordable homes (half of all affordable homes currently built in London annually)
2,000 school places for local children
£500 million investment in public and social infrastructure – schools, doctors surgeries, sporting facilities, public space and parks
London's newest film studio
1.6 miles of public river frontage
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13th November 2013
Knight Dragon acquires Quintain’s interest in Greenwich Peninsula. The deal paves the way for the next phase in the transformation of Greenwich Peninsula, comprising 10,000 new homes and a major new commercial district along 1.6 miles of Thames river frontage.Download PDF
Knight Dragon and Quintain Estates and Development PLC today announce that they have agreed terms on a transaction that will see Knight Dragon take sole ownership of the ambitious Greenwich Peninsula scheme in a deal worth £186 million. The deal comes 16 months after Knight Dragon acquired an initial 60% stake in the development.
Since it was formed in 2012, the joint venture has succeeded in driving forward the development and achieved a number of significant milestones: a resolution to grant outline planning permission has been secured for 1,683 homes and two hotels at Peninsula Quays; detailed planning consent has been granted for the first phase of residential development. This first phase comprises 506 units in three buildings which are now under construction.
Knight Dragon, which is an investment vehicle owned by Dr. Henry Cheng Kar-Shun, previously held a 60% interest in Greenwich Peninsula Regeneration Limited (GPRL) the joint venture holding company. This transaction to acquire the remaining 40% stake from Quintain extends Knight Dragon’s commitment to the development of the 147 acre site. GPRL has development rights to approximately 14 million sq. ft. of residential-led, mixed use development including 18.6 acres of land within Peninsula Quays already owned by the group. Following the deal all responsibility for project and development management will reside with Knight Dragon.
Commenting on the deal, Sammy Lee, Director of Knight Dragon said:
"Greenwich Peninsula represents a unique opportunity to deliver one of the largest regeneration schemes in Europe and Knight Dragon is fully committed to delivering this landmark development for London, creating thousands of new jobs, new homes and a community where people will want to live."
"Our joint venture with Quintain has achieved a great deal over the past 16 months. We are now looking forward to building on the momentum which has been created."
Maxwell James, Chief Executive of Quintain said:
"We are immensely proud of the work we have done together over the past 16 months to unlock the potential of Greenwich Peninsula. We wish Knight Dragon and the Greater London Authority the very best in continuing the regeneration of the area. Today’s transaction represents excellent value for shareholders and provides Quintain with financial stability andcertainty. It also accelerates a new phase of profitable growth by allowing us to focus on our major commercial and residential scheme at Wembley Park and to exploit new opportunities in the key London markets."
About Knight Dragon
Knight Dragon is a company incorporated in Hong Kong with an experienced development team and is an investment vehicle owned by Dr. Henry Cheng Kar-Shun. Dr. Cheng and the wider Cheng family control Chow Tai Fook Enterprises Limited, which has a substantial interest in New World Development, a Hong Kong listed conglomerate.
Quintain is a London property investment and development specialist. The Group was |established in 1992 and is listed on the London Stock Exchange. It has a major development covering 85 acres around the National Stadium at Wembley Park and manages a £2.2bn portfolio of assets that are predominantly focused on the London and student accommodation property sectors.
The Greenwich Peninsula scheme will eventually comprise up to 10,000 new homes, new schools and local facilities and a commercial district along 1.6 miles of Thames river frontage.