16 Aug 2016 07:00
16 August 2016
U+I secures £95 million regeneration opportunity in North East London
U+I, the mixed-use property regeneration specialist, today announces that it has exchanged contracts with landowner, Parkdale Investments, to bring forward a £95 million mixed-use regeneration project for the Forest Works site on Blackhorse Road, North East London.
Currently an industrial site spanning 3 acres, the project has the potential to deliver 300 new homes and 5,500 sq. ft. of commercial space. Less than 150 metres from Blackhorse Road Station, the Forest Works site is located within the new Blackhorse Lane housing zone, with an ambition from the London Borough of Waltham Forest to deliver over 2,500 new homes and 1,000 new jobs in the next ten years.
The site was secured in an off-market transaction with Parkdale Investments for whom U+I will act as development manager with a capped equity investment on the project of £10 million.
Working closely with the council and the local community, U+I will develop plans for Forest Works reflecting the Council's aspirations for the area with an initial planning application expected to be submitted in early 2017.
Matthew Weiner, Chief Executive of U+I said: "We are delighted to have added this mixed-use regeneration opportunity to our significant development pipeline. Forest Works is set to deliver gains to U+I in the next 3 - 5 years in line with our stated IRR targets, as well as contributing to the socio-economic growth of the local area. This latest transaction further demonstrates our ability to secure regeneration opportunities in an equity-light manner within emerging parts of the London City Region."
For further information, please contact:
Lucy Grimble, Head of Communications and Investor RelationsLucyGrimble@uandiplc.com020 7828 4777