Schroder Property Investment Management has won approval for a 1m sq ft “sustainable suburb” in Hackbridge, Surrey.
The global asset manager, acting on behalf of Hackbridge Property Unit Trust, was granted planning permission last night by the London borough of Sutton’s development control committee.
The 19-acre Felnex Trading Estate will now be turned into a £150m green neighbourhood with 725 homes. The number of apartments has been reduced by 61 units and the number of family homes increased by 11 units.
Open space has been increased to enlarge Hackbridge Green and there will be two new play areas.The buildings fronting on to London Road have also been reduced in height to six storeys.
The first phase of the development is set to begin in 2012 with the construction of a new 43,000 sq ft supermarket and a number of residential flats.
Neil Meredith, head of asset management at Schroder, said: “This development will make Hackbridge a better place to live, work and play, and will bring new family homes, viable long-term jobs and shopping opportunities back to the centre of Hackbridge.”
Savills advised Schroder and acted as development manager.
