New £200 million Tower Hamlets development agreed
A planning application for redevelopment of part of London's east end was approved by local authorities.
Tower Hamlets Council's Strategic Development Committee approved the plans to build more than 800 homes and refurbish another 800 properties on the Ocean Estate. A further 1,200 homes will receive "external improvements".
Council leader Lutfur Rahman said the local authority was striving to deliver solutions that bring the best out of Tower Hamlets and added: "We're confident that the regeneration will be a big boost to the local area."
Director of development at consortium partner East Thames Group Geoff Pearce said the development of the area was "long overdue" and believes the project will deliver "real change".
Tower Hamlets is one of five London boroughs assigned host borough status for the 2012 Olympic Games. The borough is also home to the Canary Wharf development occupied by many major corporations such as Citibank, Barclays and HSBC.
New developments may encourage people to look for property to rent in the London borough of Tower Hamlets or surrounding areas.
By Chris Price
Published 16th March, 2010
© 2010 Estates IT Limited
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