Hutchison Whampoa Properties has unveiled plans for the £1bn redevelopment of Convoys Wharf in Deptford, SE8, as it ramps up its activity in the UK.
Six years after buying the 46-acre former News International distribution site, Hutchison this week submitted a new Sir Terry Farrell-designed masterplan to provide up to 3,500 homes, including 500 affordable homes, on the land.
The proposals also comprise three new public parks totalling three acres, 100,000 sq ft of cultural space in the restored Grade II listed Olympia building, and 120,000 sq ft of shops, restaurants and cafés.
Farrell said: “Convoys Wharf represents an important opportunity to regenerate a site in south east London that has been derelict and inaccessible for many years. It will be a Shoreditch of the South.”
Subject to consent, Hutchison aims to be on site at the end of 2014, with a phased completion expected to take place over 15 years.
Hutchison has also now started on site with the first phase of its £1bn Lots Road power station development in Chelsea, SW10 – also designed by Farrell – following a lengthy planning process.
Sales of the 706 homes, including 275 affordable flats, are expected to launch by early 2014.
Knight Frank and Savills, which have advised on the site over the last few years, are expected to be appointed as selling agents.
Hutchison is keen to invest more in the UK having lost out on a number of large development opportunities over recent years, including the Athletes Village in Stratford, east London, and Silvertown Quays in the Royal Docks.
Executive director Edmond Ho said: “We see east London as a high-growth area. There is also opportunity for scale – and we are building bigger and bigger developments. The UK provides a level playing field for overseas investors and that is important to us.”
annabel.dixon@estatesgazette.com
