4 Dec 2019 07:00
4 December 2019
U and I Group PLC
Positive planning decision at 8 Albert Embankment
U+I (LSE:UAI), the specialist regeneration developer and investor, today announces that Lambeth Planning Committee has resolved to grant planning permission at 8 Albert Embankment, U+I's £500 million Gross Development Value PPP scheme, subject to appropriate procedural and judicial process. The scheme is expected to deliver c.£25-35 million profit to U+I over the lifespan of the project, with development management fees starting in FY2021.
This is a significant milestone for the business and the first of five planning decisions with a GDV of c.2.7 billion targeted in the coming 3-6 months.
Held in joint venture with London Fire Commissioner, the scheme will deliver 145,000 sq.ft. of office, hotel and retail space, as well as 443 new homes, a reprovisioned fire station and museum. U+I expects to start on site in 2021 and complete the scheme in 2025.
Richard Upton, Chief Development Officer at U+I, commented:
"This publicly owned asset is one of too many that have sat redundant for too long. Our unique partnership with London Fire Brigade will breathe life and productivity to this heritage site on the River Thames. With more than 1,000 new jobs, a reprovisioned fire station, a fire museum and 40% affordable housing our proposals will deliver huge social and economic growth for London. We have designed a world class regeneration project at 8 Albert Embankment and now we can deliver it."
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