Financial Close reached on phase one of the transformation of Canning TownDecember 20th 2012
After three and a half years of extensive planning for the regeneration of Canning Town, Bouygues Development reached financial close on phase one of the project last week. Recently named Hallsville Quarter*, construction work has now begun to create a new town centre in the heart of Canning Town.
The design and build contract is being carried out by Bouygues UK and construction on this £77 million (gross development value) phase one of the scheme will complete in early 2015.
The £600 million (gross development value) town centre scheme is the critical element 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 – linking Canning Town Corner with Barking Road and Rathbone Market – to create a thriving, accessible and safe town centre.
Phase one of the scheme will comprise 179 residential units of private and affordable housing, and a Morrisons supermarket of over 7,000 square metres. The entire town centre scheme to be delivered over five Phases includes approximately 1,100 mixed tenure housing units, more than 30,000 square metres of leisure and retail space and over 3,000 square metres of space for community facilities and a health centre. New pedestrian links and cycling provision is also included, as well as 1,100 secure parking spaces. The entire scheme is scheduled to be completed by 2024.
Nicolas Guerin, Managing Director, Bouygues Development says:
“Everyone involved in this scheme has worked tirelessly over the last three and a half years to reach this point so it is fantastic that we will shortly be commemorating such a pivotal moment in Canning Town’s rich and fascinating history. Bouygues UK and Bouygues Development are enormously proud to be part of such a transformational scheme in East London, a great example of the city’s continuing eastward shift”.
Sir Robin Wales, Mayor of London Borough of Newham says:
“After a fantastic year that showcased the changing face of Newham what better way to end it than with the start of this transformative regeneration scheme. Hallsville Quarter will be a thriving town centre that reflects our aspirations for the borough and our residents. It will also establish a brand new commercial and residential hub for the whole of East London.
“This is a huge milestone for the area and I am delighted to see our years of hard work come to fruition as construction begins. I look forward to working with our partners over the next decade to deliver this ground-breaking scheme.”
Mick Sweeney, Group Chief Executive at One Housing Group said:
“I am delighted to see Hallsville Quarter progress to this significant stage of the project. This scheme will provide much needed affordable homes in East London and will create a diverse, sustainable community.”
Richard Haynes, Development Executive at Morrisons, said:
“As we expand our presence in the capital, Morrisons is delighted to be part of such a landmark regeneration scheme in East London. Our new store at Hallsville Quarter will provide approximately 300 new jobs in Newham in a range of full-time, part-time and training positions. These will include our famous butchers, bakers, fishmongers and other fresh food specialists, and we will work closely with the local community in Canning Town to maximise opportunities for local people. Being part of this innovative partnership and excellent development is great for us, our expanding team and our customers.”
EndsCategory: Corporate news
Tags: Bouygues Development, Bouygues UK Construction London and South East, Canning Town, Construction, Hallsville Quarter, Madani Sow, Morrisons, One Housing Group, Regeneration