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U+I Group submits plans for £200m scheme in south London

U+I Group submits plans for £200m scheme in south London

U+I Group, the specialist regeneration developer and investor, has submitted plans for its £200m mixed-use scheme at Faraday Works in Charlton, Greenwich. 

Formerly known as Westminster Industrial Estate, this is one of two planning submissions totalling £1bn gross development value (GDV) outlined at the interim results on 20 November 2019.  U+I expects an outcome in the second half of 2020 and first gains from the project in the 2021 calendar year.

Working as part of a joint venture with Galliard Homes and alongside landowners Royal London, the scheme will transform the historic Siemens Brothers Factory overlooking the River Thames from a derelict site into a thriving business, innovation and residential village, inspired by industrial heritage.

Part of Greater London Authority’s Charlton Riverside Opportunity Area, the proposed scheme will create 492 new homes, of which 35% will be affordable, an innovation hub with specialist facilities, adaptable industrial, logistics and workshop space, retail, public realm as well as significant improvements to the Thames Path. It is expected to create around 900 jobs and generate £100m for the local economy.

Richard Upton, chief development officer at U+I, said: Faraday Works will celebrate the industrial heritage of the site and deliver on the vision of the masterplan for Charlton Riverside to retain and grow industry and jobs, as well as meet the urgent need for new homes. We have consulted extensively with local people, businesses and other stakeholders, ensuring our proposals will create a pioneering mixed community on London’s riverside and an innovation and industrial hotspot.”

UAI : U+I Group submits plans for £200m scheme in south London

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