7 March 2012
MIPIM, 6-9 March 2012, The London Pavilion – Bouygues Development and the London Borough of Newham have agreed the terms of the Principal Development Agreement (PDA) for the £600 million Canning Town Centre scheme.
Announced at MIPIM 2012’s London Pavilion, the Town Centre scheme was developed by Bouygues Development and its consortium partner One Housing Group and forms part of the London Borough of Newham’s £3.7 billion Canning Town and Custom House Regeneration Programme.
The six hectare site will reconnect the areas north and south of the A13 flyover – i.e. Canning Town Corner with Barking Road and Rathbone Market – to create a vibrant, accessible and safe Town Centre. Phase 1 of the scheme will comprise 179 residential units of private and affordable housing, and a Morrisons supermarket of over 7,000 square metres. Work will start on site in Canning Town during the final quarter of 2012.
The entire Town Centre scheme includes approximately 1,100 mixed tenure housing units, over 30,000sqm of leisure and retail space and over 3,000 sqm of space for community facilities. New pedestrian links and cyclist provision is also included, as well as 1,100 secure parking spaces, and the whole scheme is scheduled to be completed by 2023.
One Housing Group is the RSL for the scheme and Bouygues UK is the main contractor.
Speaking of the PDA, Stephane Slama-Royer, Managing Director of Bouygues Development, said:
“Reaching this milestone for such a transformational development is the result of a great working partnership between Bouygues Development and Newham and the dedicated team of agents and advisors who have worked tirelessly to reach this point. To be funding such a massive regeneration scheme at cost is a fantastic achievement for Bouygues Development and we are very proud to be involved in a project that will bring positive change to the communities who live and work in Canning Town”.
Sir Robin Wales, Mayor of London Borough of Newham said:
“This scheme is the real game-changer for Canning Town, and illustrates the scale of our ambition when it comes to delivering regeneration in Newham. More than that though, it is being delivered very much for the local community and with existing residents at its heart. They will benefit from a new town centre and all the opportunities that come with that – jobs, new homes and community facilities. It’s through initiatives like this that Newham is bringing together physical and social regeneration to form strong, prosperous and resilient communities.”
Clive Dutton, Newham Council’s Executive Director for Regeneration and Inward Investment, said:
“To be delivering a new, £600m town centre scheme in the current market is a huge achievement and testament to the strength of Newham’s regeneration vision and our ability to work with private and public sector partners to deliver that vision. The Bouygues Development scheme will spur on not only the wider Canning Town and Custom House regeneration programme, it will also give momentum to the wealth of opportunities throughout Newham’s arc of opportunity running from The Royals through to Stratford. It is further evidence that East London and Newham in particular are at the heart of London’s future economic growth.”