The London Development Agency has sold its remaining land in and around the Royal Arsenal site in Woolwich, where its involvement has transformed the area into a multi-award winning mixed-use, mixed tenure community.
The land has been bought by the LDA's development partner Berkeley Homes.
The sale covers the Royal Arsenal and Warren sites. The LDA and Berkeley Homes have worked together since 2000 on the regeneration of the Royal Arsenal, transforming the derelict contaminated industrial site into an attractive, 31.7 hectare mixed-use development of over 1600 homes already built, business space, heritage and leisure facilities. The combined development will ultimately contain over 5000 homes. The site will also be home to the Woolwich Crossrail station when it opens in 2017.
The sale is part of the wider arrangements being put into place to facilitate the Crossrail station on the Royal Arsenal which Berkeley intends to construct as part of the final phase of development, known as Woolwich Riverside.
London Development Agency Deputy Chief Executive Peter Bishop said:
"The transformation of the Royal Arsenal in Woolwich from a derelict industrial site into a vibrant, award winning community has been one of the lasting achievements of the London Development Agency. This sale ends our involvement and passes responsibility for the final phase of work onto Berkeley Homes, who have been our partners throughout the past decade."
Rob Perrins, Managing Director of the Berkeley Group, commented:
"Berkeley Homes is immensely proud of its achievements at Royal Arsenal Riverside, where we have built one of London's most successful and sustainable regeneration schemes and worked closely with our development partners to ensure it is integrated into the existing community. Buying this final piece of land will allow Berkeley Homes to complete its vision for Royal Arsenal Riverside, building more homes and facilities and bringing further tangible benefits to Woolwich."
The LDA acquired the site and conducted the initial masterplanning and infrastructure works to enable its partners to construct the new homes and create the new community. The London Development Agency (LDA) has invested approximately £55 million in the area's redevelopment.
The end development value of the site will be close to £1.5 billion with much needed homes, business opportunities and leisure activities for Woolwich within a major heritage site. The Royal Arsenal was founded by Henry VIII in 1671 and was one of the world's largest military-naval-industrial sites in the 18th and 19th centuries. The birthplace of Arsenal Football Club, it finally closed in the 1967. The Royal Arsenal site includes Firepower, the Museum of the Royal Artillery, and the Greenwich Heritage Centre.
Notes to editors
1. The LDA and Berkeley Homes began their partnership at the Royal Arsenal in 2000 and entered a development agreement in 2003.
2. The sale covers the LDA’s remaining leases and development land on the site. This £3 million sale brings the LDA’s total income from the Royal Arsenal redevelopment to £56.8 million.
3. The Royal Arsenal development has won many awards, including Estates Gazette Green Awards 2010 Regeneration Scheme of the Year, the HCA Awards 2010 Quality of Place award, London Planning Awards 2009/10 'Best Historic Building Management' award and the CABE 2008 Building for Life Award.
4. Partners involved in the project also include the London Borough of Greenwich, Transport for London, Crossrail and the LDA’s Design for London team.
5. For more information see Berkeley Homes’ Royal Arsenal:http://www.berkeleygroup.co.uk/berkeley/royal-arsenal-riverside
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