New £5 Billion Regeneration Scheme Helps London's Housing Shortage with 10,000 New Homes

A major £5 billion regeneration scheme is set to start later this year in London.

Online PR News – 15-January-2014 – London – The redevelopment of the Greenwich Peninsula is one of the largest public sector owned land in the UK that has planning permission for development. The Mayor of London, Boris Johnston, pledged to bring forward the regeneration in the area to take advantage of the huge economic potential that the area brings to the local area as well as London. The area will be regenerated by companies Quintain and Knight Dragon who brought forward the commencement date for the build due to high buyer demand and rising property prices.

The redevelopment of the 190 acre brown field site will include the construction of up to 10,000 new homes with 3,800 affordable homes available for key workers on a range of incomes. The regenerated area will provide much needed homes in London for local residents. There are also 3.5 million square feet of business and commercial space and 363,000 square feet of retail space available on the site for over 150 shops and restaurants. A new hotel, leisure district and community facilities are also planned on the site of a former gas works. There are also plans for 600 student beds that will provide affordable accommodation for students in the area. The project will create around 29,000 jobs overall including the creation of 5,000 construction jobs.

The large regeneration will boost the local Greenwich and London economy as well as create investment and new jobs in the area.

Work will commence on the Peninsula Riverside plot first which will provide the first 500 new build homes in the project. It is expected that up to 2,000 residents will be living in new homes by 2015.

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