Aitch Group has bought 3 Thames Road, E16, at London’s Royal Docks for a potential residential scheme on a site currently earmarked as Strategic Industrial Land (SIL).
The one-acre site in Newham was bought unconditionally from R55 Group, and has the potential for around 200 residential units.
It is currently earmarked as SIL by the Greater London Authority, through a policy which has made the conversion of industrial sites to residential more difficult in the capital.
Nearby Peruvian Wharf was abandoned as a large-scale residential development by Galliard and Cain International due to the policy.
Marsh & Parsons advised the seller on the site, which is currently a document storage facility.
Charles Holland, director and head of residential development and investment at Marsh & Parsons said: “3 Thames Road is a fantastic development opportunity – the Royal Docks is an area currently undergoing a major transformation and 3 Thames Road has the potential to kickstart the regeneration of the Connaught Riverside opportunity area, which is located in close proximity to City Airport.”
New Newham mayor Rokhsana Fiaz has pledged that 50% of all newly developed homes in the borough will be affordable.
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