Out-Law News 1 min. read
10 Sep 2012, 4:59 pm
The joint venture will now create a masterplan setting out the details of their planned 2 million square feet development, which will consist of a residential-led mixed-use scheme.
The site is located on Morden Wharf, adjacent to the O2 Arena, and has 500 metres of frontage on the River Thames.
“This latest acquisition supports our strategy of realising value through the regeneration of functionally obsolete, secondary or tertiary assets into vibrant, high-quality schemes," said Development Securities director Matthew Weiner according to a Building.co.uk report.
“Morden Wharf is located at the heart of one of the most active areas of regeneration in London and yet its potential has remained untapped for many years. Working with Cathedral Group, we look forward to unlocking this site for development and contributing to the wider regeneration of Greenwich Peninsula," he said.
“We will be seeking to deliver immediate and worthwhile short term uses that start to create real sense of place at Morden Wharf in line with the Council’s aspirations for a new and exciting London destination," said Cathedral Group Chief Executive Richard Upton.
The site was previously home to a 1960s Tate & Lyle glucose factory. It has been cleared and remediated and is now vacant except for an office building and two warehouses.
The joint venture partners are also working together on 'The Movement', a mixed-use scheme located on the former Greenwich Industrial Estate and comprising residential and student accommodation, education or administrative space and 7,000 sq ft of units for business start-ups.