20 Dec 2019 07:00
20 December 2019
U and I Group PLC
U+I submits plans at Faraday Works, Greenwich
U+I (LSE:UAI), the specialist regeneration developer and investor, today announces that it has submitted plans for its £200 million Gross Development Value (GDV) mixed-use scheme at Faraday Works in Charlton, Greenwich.
Formerly known as Westminster Industrial Estate, this is one of two planning submissions totalling £1 billion GDV outlined at the interim results on 20 November. U+I expects 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 will 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.
Part of Greater London Authority's Charlton Riverside Opportunity Area, the proposed scheme will create 492 new homes, of which 35% will be affordable, 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 is expected to create approximately 900 jobs and generate £100 million for the local economy.
Richard Upton, Chief Development Officer at U+I, commented:
"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. 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."
ENDS
For further information, please contact:
U+I
Nicola Krafft
+44 (0) 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0)20 3757 4985 / 4991
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a >£11.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £147.1 million investment portfolio, we are unlocking urban sites bristling with potential in the London City Region (within one hour's commute from Central London), Manchester and Dublin. We exist to create long-term socio-economic benefit for the communities in which we work, delivering sustainable returns to our shareholders.
To find out more, visit www.uandiplc.com or follow us @uandiplc