All change at Silvertown Quays site after Lendlease and Starwood step in
The LendLease Group and Starwood Capital Group LLC have taken over the development rights for the 62 acre Silvertown Quays site across from Royal Wharf. While details of LendLease's plans for the site are scarce, the new development will include offices, homes and retail stores, and appears to more closely follow the Silvertown Partnership's plans for the development, rather than the Essel Group's plans, previously revealed by Royal Wharf News, which included a Indian cultural centre.
Phase One of the Silvertown Partnerships' scheme was ready to start, having already received planning permission. It was to include the Millenium Mills, not used since the 1980s, converted into a new centre for business and enterprise alongside more than 800 homes.
LendLease Silvertown Limited, understood to represent the joint venture company that's taken over the development rights, was incorporated on 4 June 2018.
The new deal includes a Master Development Agreement, which sets out that the redevelopment of the Millenium Mills must be complete before the second phase of work can begin. To accelerate the redevelopment of the site, the deal includes milestone dates for the submission of the detailed planning application for Phase One and its completion.
Rival bidder Indian conglomerate Essel Group had also submitted proposals to the Greater London Authority to purchase the site with plans for a major world class visitor attraction, hotel and leisure complex to celebrate India’s culture and history. The firm planned to work in partnership with HPW Architects and Mace on its project which has now fallen by the wayside.
Jeff Dishner, Global Head of Real Estate Acquisitions, Starwood Capital, said:
“We are excited to partner with Lendlease on this prominent East London regeneration scheme that will help address London’s much needed affordable housing and private residential demand.
“We believe in London’s long-term growth potential and are confident that the underlying value for this waterfront site.
“Working with Lendlease, our vision is to invest significantly into the infrastructure around the site and create a completely new and creative neighbourhood that meets consumer demand, reinvigorates London’s East End and delivers for our investors.”
A spokesperson for the Mayor of London, said: “The Mayor is committed to ensuring regeneration of the Silvertown Quays site, which has the potential to deliver thousands of much-needed new homes, as part of the wider redevelopment of the Royal Docks.
”The Greater London Authority has a contract with The Silvertown Partnership (TSP) to develop the site and, under its terms, has considered alternative proposals when asked to do so by TSP.”
We wait and see how the scheme develops under LendLease and Starwood.