Wandsworth seeks £1bn property partner9 January 2016
Wandsworth Council is to seek a joint venture partner for one of the largest estate redevelopment opportunities in London.
It has appointed Bilfinger GVA to find a development partner for the 32-acre Winstanley and York Road estates, SW18, immediately north of Clapham Junction station.
The plans for the site – which is at the heart of the Clapham Junction and Battersea Riverside Housing Zone – include more than 2,000 homes, shops, leisure and offices.
The scheme could potentially have a gross development value in excess of £1bn.
The opportunity is expected to attract both housebuilders and regeneration specialists.
Wandsworth intends to deliver a mixture of rental and affordable homes as well as homes for private sale.
A planning parameters document has already been drawn up, and the local community consulted about the various options available for the redevelopment.
Current outlines will involve the replacement of roughly 700 of the 1,300 homes in the estate with other blocks being refurbished.
Existing resident leaseholders will be offered deals to stay in the new scheme.
Gerry Hughes, senior director at Bilfinger GVA, said: “It is rare to have a regeneration opportunity like this in such a high-profile and well-connected location with such latent potential.
“It presents an opportunity to show the way in delivering a world-class development, while fully protecting the interests of local people,” he added.
Ravi Govindia, leader of Wandsworth Council, said: “Our ambitions are to deliver more than 2,000 high quality new homes in the heart of Battersea and to completely renew the estates’ environment, services and community facilities.
“Hundreds of local people will be offered vastly improved homes which meet today’s needs and help their families to thrive. Our plans have the potential to dramatically improve the quality of life across this neighbourhood and we want to find a partner that will put our residents’ interests and needs at the heart of their approach.”
The preferred partner will be selected through an OJEU process beginning on 11 January.
More from this week’s issue:9 January 2016
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