London's BIG plans

London's BIG plans
Last Updated: 12:01am GMT 22/03/2007Page 1 of 2



We've heard the hype, but what's really happening at the vast regeneration sites across the capital? Sheila Prophet finds out what's got the go ahead, what's back on the drawing board and what you can buy now


In pictures: To buy now...
BRENT CROSS, CRICKLEWOOD, NW4


Architect: Allies and Morrison.
The vision: A huge 20-year regeneration project with pioneering environmental standards covering 250 acres in north-west London, creating a transformed Brent Cross Shopping Centre, a pedestrian high street and commercial district, 7,500 new homes, three schools, two health centres and a range of parks and open spaces, and leisure facilities overlooking an improved River Brent.
Current state of play: With planning policy already adopted by Barnet Council, a planning application has been submitted this month by the Brent Cross Cricklewood Development Partners, who have also begun a second phase of community consultation. If permission is granted, work is planned to begin in 2009 or 2010.
Should you invest? This megascheme, bringing new life to north-west London should prove popular, but with the completion date so far away, early investors have to be bold.
What can you buy now? This project is much needed as there is little new development in the area, the nearest being Kings Oak's Byron Place, a five mile drive away in Wembley, close to the stadium, offering one and two-bed apartments priced from £212,000.
Find out more brentcrosscricklewood.com or kingsoakhomes.com

PADDINGTON MERCHANT SQUARE, W2


Architect: The Kalyvides Partnership along with American company Perkins + Will.
The vision: Merchant Square is the final part of the transformation of Paddington Basin which has already gained new buildings, landscaping and canal bridges, with proposals for six buildings on the east side of the basin which will house a mixture of offices, shops and 559 homes.
Current state of play: Developer European Land has this month secured planning consent for the first phase of Merchant Square, which consists of two buildings, one commercial and one a 16-storey residential tower with 196 apartments, plus ground level shops and offices. Construction is due to begin later this year. Westminster Council's decisions on the others are expected within six months.
Should you invest? Buying here isn't cheap, but this new business district close to the centre of town already has a successful track record.
What can you buy now? Paddington Walk, west of the basin, consists of 232 apartments within four towers between 11 and 15 storeys high, offering one to three bedroom apartments priced from £350,000.
Find out more paddingtonwalk.co.uk or paddingtonwaterside.co.uk

KING'S CROSS CENTRAL, N1



Architect: Allies and Morrison and Porphyrios Associates.
The vision: A £2 billion regeneration of 67 acres north of King's Cross and the new Euro Terminal at St Pancras to create a new "human city" with up to 2,000 new apartments in blocks of up to 19 storeys, shops, offices and leisure facilities, 20 new streets and 10 new public spaces, including five squares, plus new public areas alongside the Regent's Canals and three new bridges across it, and a new park.
Current state of play: Outline planning permission has been granted by Camden Council, but last month local campaigners who make up the King's Cross Railway Lands Group, won the right to have a legal challenge heard in the high court. The project is now on hold until the judicial review – expected this spring. The group's Think Again campaign wants to stop the demolition of Conservation Area buildings, increase the ratio of housing, including affordable housing and making the development zero-carbon, using renewable energy throughout.
Should you invest? Assuming compromises are made between the developers and protesters and the project continues soon, this new ‘city' with its own attractions and nearby Euro Terminal, should be a solid investment.
What can you buy now? Barratt's Star Wharf, a canalside development on St Pancras Way has two remaining three-bed penthouses priced £850,000. Barratt also has The Lockhouse in Camden Town with two to three-bed flats to launch soon.
Find out more kingscrosscentral.com, kxrlg.org.uk and starwharf.co.uk


London map: click to enlarge
ELEPHANT & CASTLE, SE1


Architect: Masterplan created by Southwark Council working with a team including Foster and Partners, Tibbalds Planning and Urban Design, Space Syntax and others.
The vision: A10-year, 170 acre redevelopment programme for this tired area of the Capital which will create 5,300 homes, a civic square, shops, improved transport links, a new station, a series of landmark buildings and five open spaces.
Current state of play: Southwark Council was due to announce the winner of the bid to carry out the redevelopment in February, but a spokesman says that the bids from the two leading consortia have been so strong that talks with both are continuing. A decision is expected in the next few months. Work is also due to begin on the first regeneration project, the upgrading and preservation of St Mary's Churchyard. If all goes to plan the programme will be completed by 2014.
Should you invest? With the disappearance of the 60s carbuncles which currently blight the area and the creationb of a vibrant new area close to Westminster, the project should be a magnet for eager investors.
What can you buy now? Oakmayne Properties, part of the Lend Lease consortium, is building three separate developments around the Elephant and Castle: South Central, providing 280 apartments and live-work units; O-Central, offering 180 apartments plus 17 live-work units, and Oakmayne Plaza, providing 216 homes plus hotel, cinema, shops and restaurants surrounding a new market square, with prices from £299,000.
Find out more elephantandcastle.org.uk and oakmayneproperties.co.uk

CONVOYS WHARF, DEPTFORD, SE8


Architect: Masterplan by Richard Rogers Partnership.
The vision: The redevelopment of this Deptford dockyard will centre around three 26 to 40-storey towers creating 3,500 new homes, business park, restaurants, community centre, creche, primary school and health centre plus extensive public spaces including the extended high street, main square and a riverside walk.
Current state of play: It's back to the drawing board with the site's owners, News International, "in negotiation" with the mayor's office, and many changes are expected.
Should you invest? Depford is up and coming and riverside schemes are always popular. But planning problems mean no certainty or dates.
What can you buy now? The last few penthouses in the first phase of Rubicon, a Bellway Homes scheme of flats close to Deptford Creek in nearby Greenwich. Prices from £410,000, and a new phase launching soon with prices to be announced shortly.
Find out more bellway.co.uk and lewisham.gov.uk

SILVERTOWN QUAYS, E16


Architect: Masterplan by Canadian designers Urban Strategies International with Aquarium Biota! Designed by Terry Farrell and Partners.
The vision: A major part of London's Thames Gateway, the redevelopment of this 59-acre site, next to the Royal Victoria Dock, will create a new waterfront district with about 5,000 homes, offices, hotel, shops, bars and restaurants and Biota! aquarium.
Current state of play: Outline planning permission is in place, detailed applications ready for submission and remediation work on the site is set to start as soon as possible.
Should you invest? An unusual mix of tourist attraction with new homes in the popular Royal Docks. It will be a hit with young professionals.
What can you buy now? Oxygen, a waterside development of 240 one to three-bed flats and penthouses by the Royal Victoria Dock, prices from £245,000.
Find out more silvertownquays-london.com and oxygen.co.uk

GREENWICH PENINSULA, SE10


Architect: Masterplan by Terry Farrell and Partners.
The vision: London's largest single regeneration scheme, covering 190 acres of land with over one and a half miles of river frontage, will provide 10,000 new homes, 150 shops and restaurants, offices, schools, healthcare facilities, museum, multi-faith centre, parkland and open spaces.
Current state of play: This summer will see the launch of Peninsula Square, a new landmark the size of Leicester Square, plus The O2, the relaunched Millennium Dome, now a 23,000 capacity music, sports and entertainment arena which will host 150 events in its first year. Meanwhile the first house builder selected to build on the scheme, Bellway Homes has this week submitted a planning application to build 229 apartments within a 19 storey tower and hopes to begin work by spring 2008. Thousands more homes will follow over the next 15 years.
Should you invest? This project will create a completely new residential area in the Capital. But, with a 15-year timescale, it's for the patient.
What can you buy now? On the wider peninsula is Greenwich Millennium Village, which will eventually provide about 3,000 new homes. The last remaining one to three-bed flats in the latest phase, ‘Union Two', are available, priced from £280,000, and will be ready to move into by December.
Find out more greenwichpeninsula.co.uk and union-gmv.co.uk