Out-Law News 1 min. read
26 Apr 2013, 2:20 pm
The scheme will see the construction of 645 new homes as well as shops, restaurants, a leisure centre, a public square and a health centre on a site controlled by the Greater London Authority (GLA) and the Homes and Community Agency (HCA).
Under the HCA's Public Land Initiative a developer is given public land for development and is only required to pay for the land once the project is complete and the units have been sold.
Greenwich Council granted planning approval to the scheme in 2009 and Hadley Mace was formally confirmed as the developer for the project in February 2012. The developer will work alongside the GLA, the Council, housing association London & Quadrant and NHS Greenwich to deliver the plans.
“This long-awaited investment into East Greenwich has finally been realised in a development that will demonstrate the benefits of public-private consortium and bring regeneration to a significant but under-utilised area of London," said Mace Investments chief operating officer David Grover in a statement.
"I am confident that this scheme will be seen as a blueprint for collaboration, recognising the positive impact it has in transforming undeveloped land into places where communities can grow,” he said.
“The Mayor wants to see more public land being brought forward for development, helping to increase the number of homes being built for hard-working Londoners and securing London’s future economic growth," said Deputy Mayor for housing and land Richard Blakeway.
"Developments like Greenwich Square show just how successful this can be bringing new homes, over half of them affordable, and hundreds of jobs into the area," he added.
