Danescroft submits £210m resi-led plan

Palmer Capital-backed Danescroft Land has submitted plans for a £210m residential-led scheme in Bromley-by-Bow, east London.

The developer plans to build a 26-storey tower at the 2.4-acre site on Imperial Street that will accommodate 500 new homes for rent as well as a mixture of workspace and retail units.

The planning application has been two years in the making after protracted negotiations with neighbouring landowners and the London Legacy Development Corporation (LLDC).

Danescroft’s site forms part of the LLDC’s overall masterplan for Bromley-by-Bow South, which includes thousands of new homes as well as new commercial space.

“The development of this gateway site will act as a catalyst for the further regeneration of Bromley-by-Bow South,” said Dominic Fryer, director at Danescroft Land.

“The agreed masterplan will deliver more than 1,700 new homes, as well as a new junction from the A12, a local community centre, a two-form-entry primary school and a riverside park.”

New urban square

Danescroft Land acquired the site, which has direct access to Bromley-by-Bow tube station, for £13m in August 2014. It comprises two adjoining sites: Access House, which is a mix of office and warehouse space, and Clock House, which is a derelict office that is currently being used as a temporary compound for Transport for London as it develops the tube station.

One of the key components of the site would be a new urban square, which would form the central hub of the overall scheme, said the company.

GL Hearn and Assael have advised Danescroft on the planning application, which is due to be heard at the end of 2017. Construction is expected to start in Q4 2018.


Author: Richard Williams, Property Week

Link: http://www.propertyweek.com/news/danescroft-submits-210m-resi-led-plan/5091066.article?origin=PWbreakingnews