Barratt Developments Announces $396 Million Affordable Housing Regeneration Project in England
- Aug 30, 2012
London—Barratt Developments, one of the largest house builders in England, has landed one of the most sought after housing-led redevelopment opportunities in the London boroughs. The company recently announced it has exchanged contracts with Greater London Authority to redevelop Cane Hill, an 83-hectare (205 acres) former hospital site in Coulsdon in the London Borough of Croydon. The site, which is estimated to have a gross development value of around GBP 250 million ($396 million), has a considerable historic importance. Originally opened in 1882, the hospital at its peak accommodated 2,000 residents and was open for nearly a hundred years. Certain elements, such as a former chapel and a water tower, will be renovated and integrated into the new development.
The Mayor of London, Boris Johnson, said: “Supporting vital jobs in the construction industry, this project will also give a welcome boost to Coulsdon town center. As we push on to deliver more affordable homes on public land, it is projects like Cane Hill which can help make neighborhoods across the capital better places to live, work and invest in.”
Barratt will collaborate with Croydon Council and the Greater London Authority to come up with a master plan framework that will integrate the distraught site with the surrounding area and solidify the link with Coulsdon town center. The planning application is expected to be submitted within a year and by the middle of 2014 planning is expected to be secured.
Initial redevelopment plans include 650 homes, out of which 163 will be affordable housing units and up to 70,000 square feet of business, leisure and retail space. The homes will all comply with the Mayor of London’s Housing Design Guide, Code 4 of the Code for Sustainable Homes and Lifetime Homes. Half of the homes will be family housing.
Mark Clare, chief executive of Barratt Developments said: “We are delighted to have secured this outstanding opportunity to develop one of the best sites in the southeast of England. This is a great example of high quality public sector land being brought to the market and largely developed on the ‘build now pay later’ principle.”