News

LTGDC confirms Hackney Wick buys from Kemsley’s Rock

News

Paul Norman

01 July 2010

Institutional, Investment/finance, Residential

The deal, first revealed by EGi News , sees the LTGDC pay £5m for the sites which it sees as key to an overall area masterplan for Hackney Wick.

The seven land plots and buildings purchased are around Hackney Wick Station and comprise over 1.64 acres.

Three are vacant plots to the north and will be used to facilitate access improvement to the station entrance and neighbouring public space.

The remaining plots neighbour White Post Lane and house Victorian warehouse buildings with some in occupation. Plans to reorganise the sites and occupations are being worked up.

Previous owner – Paul Kemsley’s Rock Group – bought the site as part of a larger land portfolio at the height of the market for residential development.

LTGDC’s vision for Hackney and Fish Island – an area directly adjacent to the Olympic Park – is for a mixed use sustainable community offering a “unique place to live and work with improved transport access and superior open space and a blend of new workspaces, housing, studios, galleries, cafes and shops”.

Working with the London Development Agency (LDA) and the Olympic Delivery Authority (ODA), LTGDC has invested £3m in mproving access to and through Hackney Wick. The investment will see neglected alleyways and paths widened and resurfaced underpasses and pedestrian bridges improved with new lighting and CCTV, a new road crossing and public space created, and better way-finding.

Peter Andrews LTGDC chief executive said: “With already established creative businesses and Olympic Park and IBC/MPC close by, Hackney Wick is more than capable of emerging from underneath the shadow of the Olympic stadium to become the next destination for creative industry creation and growth after the 2012 Games.

“Our land purchase aims to create the supporting infrastructure of good transport access and excellent public space and to speed the successful transition of the area to create a new district with great character and vibrancy.”

paul.norman@estatesgazette.com

The London Thames Gateway Development Corporation has confirmed its acquisition of seven land plots in Hackney Wick and Fish Island, east London from PricewaterhouseCoopers, administrator to Paul Kemsley’s Rock Investments. The deal, first revealed by EGi News , sees the LTGDC pay £5m for the sites which it sees as key to an overall area masterplan for Hackney Wick. The seven land plots and buildings purchased are around Hackney Wick Station and comprise over 1.64 acres. Three are vacant plots to the north and will be used to facilitate access improvement to the station entrance and neighbouring public space. The remaining plots neighbour White Post Lane and house Victorian warehouse buildings with some in occupation. Plans to reorganise the sites and occupations are being worked up. Previous owner – Paul Kemsley’s Rock Group – bought the site as part of a larger land portfolio at the height of the market for residential development. LTGDC’s vision for Hackney and Fish Island – an area directly adjacent to the Olympic Park – is for a mixed use sustainable community offering a “unique place to live and work with improved transport access and superior open space and a blend of new workspaces, housing, studios, galleries, cafes and shops”. Working with the London Development Agency (LDA) and the Olympic Delivery Authority (ODA), LTGDC has invested £3m in mproving access to and through Hackney Wick. The investment will see neglected alleyways and paths widened and resurfaced underpasses and pedestrian bridges improved with new lighting and CCTV, a new road crossing and public space created, and better way-finding. Peter Andrews LTGDC chief executive said: “With already established creative businesses and Olympic Park and IBC/MPC close by, Hackney Wick is more than capable of emerging from underneath the shadow of the Olympic stadium to become the next destination for creative industry creation and growth after the 2012 Games. “Our land purchase aims to create the supporting infrastructure of good transport access and excellent public space and to speed the successful transition of the area to create a new district with great character and vibrancy.” paul.norman@estatesgazette.com