Advised by Montagu Evans, Southern Housing Group – one of the largest housing associations in the south east of England – has acquired the Calor Gas and Ideal Furniture sites in Bromley-by-Bow, East London, for £31 million. The two sites will form Phase 3 of Bow River Village, one the Group’s largest multi-tenure developments in London, and provide a minimum of 400 much-needed quality homes for affordable rent, shared ownership and private sale.
Bow River Village is located close to the A12 and is bounded to the east by the River Lea. Phase 1 of the project delivered 219 homes and 10,000 sq ft (929 sqm) of commercial space in 2016, and Phase 2, which is set to complete in 2019, will bring forward a further 112 homes for affordable rent, shared ownership, and private tenures.
Other benefits of the project include improvements to the towpath and neighbouring River Lea, with improved access to the river from the West. Southern Housing Group is also working with fellow developers Vastint across the river to deliver a new bridge improving connections to open space and transport for local residents.
Alan Townshend, group development director at Southern Housing Group, said:
“We’re delighted to have completed the acquisition of the Calor Gas and Ideal Furniture sites, and have the opportunity to further our commitment to bring about substantial change for the local community.
“With Phase 1 and Phase 2, we’ve set out to successfully transform a former industrial site into a new attractive development to meet the local housing demand while also contributing to the wider regeneration of Bromley-by-Bow. Added to our most recent acquisition, this means that in total we’ll be investing an estimated £300 million to deliver over 700 quality new homes across a range of tenures in East London.”
David Tannahill, Head of Acquisitions and Partnerships at Southern Housing Group, added:
“Alongside our partners, we’ve worked hard to complete this acquisition and are very pleased with the result. The current owners will stay on site for the next two years, giving us time to work on our planning application to deliver the best possible scheme for the area.”
Anthony Shaw, residential development expert at Montagu Evans, said:
“This is an excellent strategic purchase for Southern Housing Group to extend its successful Bow River Village scheme now the site has been unlocked.”
Following the purchase, a new planning application will be submitted to the London Legacy Corporation (LLDC).
Lambert Smith Hampton advised the vendor, Calor Gas and Ideal Furniture.