Singapore developer Frasers Property has gotten the go ahead to build a 172-apartment crescent-like building in England, for £130 million (US$166 million), at Riverside Quarter. The new waterfront development, approved last week, will sit on the bank of where the River Thames meets the River Wandle in the Wandsworth borough of London.
The developers will break ground later this year and the new scheme at Riverside Quarters will be open to the market in early 2018.
More:Read More About London's Real Estate News on Mansion Global
"This will be the final signature building to add to the estate," said Simon Lear, chief executive of Frasers Property in the U.K.
Over the past 10 years, Frasers Property has been regenerating a Shell oil terminal that was originally the site of a Victorian milliner’s factory. "We are skilled at remediating old and polluted land," Mr. Lear said.
Plans for the complex were approved by a Wandsworth Council housing committee last Thursday. One of the main issues raised at the meeting was affordability.
Nearly half of the apartments will be luxury, while 54% are designated affordable housing, according to a news release by the developer. The rest would be penthouses and private sale units. Apartments at Riverside Quarter will start at £720,000 (US$916,000) for a two-bedroom apartment.
"The number of affordable homes will help many struggling on the property ladder," according to notes from the committee meeting. However, objections were raised about the height of the building, as it will obstruct views for current residents in the area. Ultimately the committee settled that, "15 floors is not unreasonable for London."
In fact, significant changes were made to the original design.
Prime Rentals in London’s Surrounding Areas Still in Strong Demand https://t.co/szudYtMnJE pic.twitter.com/b7VnLChoC3
— Mansion Global (@MansionGlobal) June 15, 2017
The original design was for a high-rise tower, said Alex Lawrie, a Frasers spokesman. But now it’s crescent shape, and won’t be taller than 15 floors.
The new development’s ground floors will be dedicated to retail and commercial spaces. There will also be parking spaces for 72 cars and 340 bicycles. A gym, indoor swimming pool and a Jacuzzi will be available to residents, too. There will be, 1,061 square meters of green space featuring flower beds, carefully landscaped grounds, and a children’s play space within woodland gardens adjacent to the boulevard on Thames path.
"Typical London buildings don’t have much green space," Mr. Lawrie said. "Part of the planning is that each of the buildings have to be separated by green space."