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Greenwich Peninsula Development Project

Industry Insight November 18th, 2016
Greenwich Peninsula Development Project

This week Arthur takes a look at the exciting Greenwich Peninsula development scheme….

Back in September of this year, plans were approved for London’s biggest regeneration project. The development, headed y Knight Dragon and supported by Savills, the Royal Borough of Greenwich and the Mayor of London, is extremely ambitious. Developers envisage the project taking up to 20 years to complete – a truly generation-long commitment to the future of the Greenwich Peninsula. The aim is to bring this large piece of land back into full use by redefining the setting of London’s iconic landmark – the O2 arena.

“The Peninsula doesn’t pretend to be one thing – it’s more interested than that” [official website]

The master plan has many different strands with the aim of staying true to the Peninsula’s eclectic and original use over the years. Currently, it’s home to the world’s most successful music venue, the TFL Emirates Air Line cable car, public spaces for sports, art exhibition spaces, an amphitheatre and a variety of restaurants and bars.

But what does the proposed £8.4bn Greenwich Peninsula plan include?

The following are the most important developments:

  • Developing 150 acres of land (twice the size of SOHO)
  • Creating 7 new individual neighbourhoods (Upper Riverside, Lower Riverside, Parkside, Brickfields Film District, Meridian Quays, Peninsula Central & Design District)
  • Building two new schools for Peninsula residents
  • Constructing a 5km running track and various cycling routes
  • Spending £500m on public and social spaces
  • Creating up to 13,000 new job opportunities
  • Building 15,720 new homes

Like with all intrusive development projects, not everyone is totally pleased with the proposals. The New Greenwich MP, Matt Pennycook, described the plan as a “bitter pill to swallow” and many residents have expressed concerns over whether the borough’s inadequate local services will be able to support such intensified overdevelopment. As well as this, the fact that just 3,930 of 15,720 homes will be classed as “affordable” is disappointing considering London’s intensifying housing crisis and lack of homes.

Yet unsurprisingly, the development scheme has sparked a lot of interest from investors. Looking on the Greenwich Peninsula website, there is very little availability on resident property as most complexes are already sold out. The Waterman Gardens complex, the Waterman and No.1 & No.2 Riverside penthouse apartments are the only properties with availability.

However, the project is not just about residential property. A combination of high quality landscaping and architecture will create interesting spaces for work, entertainment and public use – such as offices, schools, shops, parks, community facilities and even a dilm studio! The Peninsula is already incredibly well connected by New Greenwich station on the Jubilee line, as well as the Thames Clipper riverboat service. Once Crossrail completes at Canary Wharf in 2018, residents and workers alike will be able to reach Liverpool Street in 8 minutes and Heathrow Airport in just 39 minutes.

The Greenwich Peninsula project is exciting to say the least. Arthur can’t wait to see how this individual vision of mixed-use development plays out over the coming years. We’ll be following the project carefully and keep you up to date with any changes to the plans over the coming months.

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