15 Mar 2016 07:00
15th March 2016
The Deptford Project reaches practical completion
U+I today announces that The Deptford Project, has reached practical completion, realising £4.0 million of profit in line with expectations.
The completion of this Public Private Partnership project has transformed a formerly vacant 2-acre site adjacent to Deptford train station into a new mixed-use community delivering 132 homes, 11,000 sq. ft. of commercial and retail space and new public realm that has provided a catalyst for the growth of Deptford High Street.
121 of the residential units were pre-sold to IP Global ahead of construction commencing, 8 affordable units were sold to Peabody to manage and the remaining 3 units have been sold to private individuals. As part of its evolved investment strategy, U+I has retained the ground floor commercial and retail element of the development which has significant potential for value growth, within its investment portfolio. 70% of this space is now exchanged or under offer ahead of the new market and retail units opening this Summer.
Richard Upton, Deputy Chief Executive, U+I said: "The Deptford Project is a perfect example of U+I's approach to regeneration. In a Public Private Partnership with Lewisham Council, a forward-thinking London Borough, we are delighted to have created an exceptional piece of regeneration that has delivered a vital boost to Deptford high street and has contributed to our FY 2016 development and trading gains. We look forward to now adding further value to the Deptford Project as we manage the retail space within our investment portfolio as part of the evolved investment strategy that we outlined at our half year results."
For further enquiries, please contact:
Matthew Weiner/Lucy Grimble
020 7828 4777