Stepney Green to get £70 million overhaul

A £70 million social regeneration project will see 462 homes built in Stepney Green.

This is good news for anyone looking for rents to flat in Stepney, as they can look forward to a greater range of options. The scheme is a partnership between East Thames Group and developer First Base, 24dash reports.

Nearly half of the properties will be made available on the open market, while the remaining dwellings are to be offered up for shared ownership and leasing. It forms part of a wider strategy that will see £200 million invested in the Ocean Estate area and this is being operated by Tower Hamlet Council.

This project is expected to be finished by 2014 and in total, over 1,200 social rented houses will be refurbished and 819 new abodes constructed. Geoff Pearce, East Thames director of development and asset management, observed that all of the properties are being built to the "highest standard".

"They will be generously sized, have extensive outdoor space and exceptional fittings like quartz work tops in the kitchens," he added. As well as this, the expert observed lighting, fixtures and fittings will all be finished off properly.

First Base director Barry Jessup went on to note people can expect to get good value for money if they to move to the area, which is sandwiched between Shoreditch, Whitechapel and Limehouse.

He described the location as "one of the last uncovered gems on the eastern fringe of the city". Mr Jessup thinks Stepney Green is set to go down the same route as Shoreditch and Hackney and become very popular.

There is already fantastic transport infrastructure in the area, as it is served by Stepney Green underground (District and Hammersmith & City Lines), while Liverpool Street Station is only 11 minutes away. As well as this, Mile End and Bethnal Green are close by.

Individuals keen to get one of the new one, two, three bedroom houses are advised to express an interest right away, as they are expected to be available at the end of 2012.

Posted by Andy Britten

Published 29th March, 2012

© 2012 Estates IT Limited