U+I has submitted plans for a major residential scheme near Blackhorse Road Tube station, E17, in a joint venture with landowner Parkdale Investments. The plans include 337 new homes, plus18,830 sq ft of commercial space aimed at small businesses.
Simon Hesketh, director of regeneration at U+I, said: “There is already substantial investment in the Blackhorse Road area and unlocking the potential of the Equipment Works site is crucial to provide the missing link between neighbouring proposals. U+I’s scheme will form the heart of a new community, acknowledging the distinct history of the site and bringing fresh vitality to the area, building on its industrial heritage. We believe this will encourage residents and businesses to look at Waltham Forest with fresh eyes.”
As Hesketh says, this part of Walthamstow is seeing lots of investment, with schemes coming out of the ground and being put forward for planning, as shown on the map below.
The U+I site (in green) is essentially the last piece of the jigsaw.
So why this location and why now? Firstly, the site was formerly designated as “strategic industrial land”. However, in 2015 the local authority removed the designation through an area action plan and instead promoted mixed-use development on land directly opposite the Tube station.
Since then, every site has come forward for housing, alongside other uses. In total, there will be nearly 1,650 homes and 527 student units across all five sites.
There are many parallels with the wider London market, with issues around build-to-rent, connectivity, public land and densification all in play. Waltham Forest and, in particular, Blackhorse Road is a prime example of all of those issues and more.
Ever-increasing house prices, and a lack of immediate and obvious pools of land to redevelop, means sensitive densification around transport links and the redevelopment of underused light industrial space are a must.
With Blackhorse Road Tube station just eight stops and 17 minutes away from Oxford Circus on the Victoria Line, it is an obvious starting point for building more homes in a borough crying out for more supply.
The sites coming forward also mirror the growing trend for PRS, or build-to-rent, across the capital. Firstly, Taylor Wimpey (in yellow) is well on its way to building nearly 500 homes and 527 student housing units. A recent deal saw the housebuilder sell 111 of the 425 private homes to Fizzy Living in a forward-funding deal, a specialist in the build-to-rent sector. It was the first such deal for the FTSE 250 company.
Another build to rent scheme from Legal & General (in red), shows exactly what the emerging market is all about: long-term and stable incomes. Some 440 homes have planning consent across this site.
In blue is a Transport for London site which was brought to market just a fortnight ago. The 1.8-acre site has the potential for 350 homes, with a target set by the mayor of 50% affordable. Subject to permissions, works could start on site in 2019 with new homes ready in 2022.
In orange is a small opportunity for 50 private-sale homes on the site of a former car park and pub.
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