Greenwich housing gets £4.6bn investment

Some £4.6 billion is to be invested in the Greenwich area as part of a major refurbishment programme.

Greenwich Peninsula Regeneration Limited owns the right to 150 acres of land in the area and it is a joint venture between Pinnacle Regeneration Group and Quintain Estates and Development.

Once the project has been completed, up to 10,000 new homes will have been constructed and so property to rent in Greenwich may be easier to come by. As well as this, a new commercial district, shops, hotels, schools and other public facilities are to be built.

Perry Lloyd, chief executive officer of Pinnacle Regeneration Group, said the scheme will provide the capital with a great boost ahead of the Olympics, which are due to get underway on July 27th.

"This partnership creates a unique opportunity to build a new, sustainable community - a community where there is a blend of housing and is a place where people want to live. Pinnacle is delighted to be part of one of the largest urban regeneration schemes in Europe and help deliver for Londoners the new housing they so desperately need," he added.

As part of the plan, 1.4 miles of River Thames frontage is to be utilised and a workforce of over 25,000 will be required in order to ensure the project is successful.

Earlier this year, it was announced that Greenwich Millennium Village had been given planning permission for phases three, four and five of its development. It means 1,746 mixed-tenure new homes are to be built, in what is one of Europe's largest regeneration projects.

Heinz Richardson, director of Jestico + Whiles - which will be in charge of the design process - said the aim is to create sustainable neighbourhoods. He added people at all stages of their lives should feel comfortable living in the location.

Posted by Ben Carter

Published 25th June, 2012

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