Barratt London has announced that it has agreed to form a 50/50 joint venture with a fund managed by Morgan Stanley Real Estate Investing to build 770 homes with a gross development value estimated at £275million on a riverside site in the Royal Borough of Greenwich.
The historic 8.9 acre site has 130 metres of river frontage and is located between the centre of Greenwich and the O2.
In addition to new homes, the site has detailed planning permission for a cruise terminal, a 250 room hotel, commercial space and the restoration of the historic Grade II listed Enderby House that was built in the 1830s.
Barratt London will start construction of the residential elements, including 154 affordable homes, in the autumn of 2013. As with its other London JVs, Barratt London will provide construction, development, accountancy and sales services to the JV.
Morgan Stanley Real Estate Investing will work with West Properties to deliver the cruise terminal and hotel.
The site has a long industrial history and was first developed by the Whaling company, Enderby and Sons. Subsequently it was used to manufacture some of the first transatlantic telecommunications cables and a cross channel petrol pipeline to support the D Day invasion.
Alastair Baird, Regional Managing Director, Barratt London said:
‘Our London business is expanding built on our capability to deliver challenging projects on time. This is a first class riverside site and we look forward to working with all the local stakeholders to deliver desperately needed homes and local facilities that will regenerate this important site. We have an outstanding track record of delivery and we will be on site as soon as possible.’
Brian Niles, EMEA Head of Morgan Stanley Real Estate Investing said:
‘We are pleased to be working with Barratt London as partners on the residential elements of this significant regeneration scheme for London. Barratt’s extensive experience of delivering complex developments makes them the ideal partner for us as we move forward with this opportunity. We also look forward to continuing to work with West Properties to deliver the cruise terminal and hotel as part of the regeneration of this important part of London.
Councillor Chris Roberts, Leader of The Royal Borough of Greenwich said:
“We are looking forward to this exciting regeneration scheme breathing new life in to Enderby Wharf and the positive impact it will have on our local economy. Tourism already contributes £930 million per year to our local economy and supports over 13,000 jobs, so this will clearly be a massive boost for an already thriving local industry. We’re hugely proud of the rich mix of attractions, culture and history we have at the World Heritage site and beyond in Greenwich – and of course of our proud maritime history. The construction of London’s first cruise terminal at Enderby Wharf, as a direct result of this investment, will be a big landmark in that history and a superb addition to all we have to offer here in Royal Greenwich.”