U+I submits plans for huge redevelopment in Charlton, Greenwich
Specialist regeneration developer and investor U+I has submitted plans for its £200m gross development value mixed-use scheme at Faraday Works in Charlton, Greenwich, it announced on Friday.
The London-listed company said the site, formerly known as Westminster Industrial Estate, was is one of two planning submissions totalling £1bn gross development value outlined at the interim results on 20 November.
It said it expected 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, this scheme would “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, the firm said.
Part of Greater London Authority's Charlton Riverside Opportunity Area, the proposed scheme would create 492 new homes - of which 35% would be affordable - as well as an innovation hub with specialist facilities, adaptable industrials, logistics and workshop space, retail, public realm as well as significant improvements to the Thames Path.
It was expected to create around 900 jobs and generate £100m for the local economy.
“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,” said chief development officer Richard Upton.
“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.”
At 1503 GMT, shares in U+I were up 6.79% at 179.62p.