A NORTH-East property developer
has exchanged contracts to
develop an area of London into a
£180m house and leisure scheme.
Grainger plc, working with Helical
Bar plc, has exchanged contracts
with the London Borough
of Hammersmith and Fulham for
development of the area around
Hammersmith Town Hall.
The development will provide
about 290 homes, affordable and
private.
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It also includes redesigning a
park and creating a public
square, as well as a footbridge
connecting the development
to embankment of the River
Thames.
Other features will be a civic
office building, including a council
one-stop shop, and a 5,200
square metre retail, cafe and
restaurant area.
The planning application is expected
to be submitted late this
year. The completed development
is expected to have an end
value of about £180m.
Andrew Cunningham, deputy
chief executive and finance director
of Grainger, said: "This is
a major development which will
significantly regenerate this area
of Hammersmith.
"We are very pleased that the
combined commercial and development
skills of Grainger and
Helical have been strongly recognised
by Hammersmith and Fulham
and we look forward to
working with them to bring their
plans to fruition."
Mike Slade, chief executive of
helical, said: "Despite the current
market difficulties, this is an
outstanding opportunity for a
mixed use regeneration scheme."
Grainger was established in
Newcastle in 1912 to acquire and
manage tenanted residential
properties.
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