The £250 million transformation of the Aberfeldy estate in Tower Hamlets took a giant step forward with Willmott Dixon’s development division Regen achieving financial close with Poplar HARCA on phase one to build 105 private sale homes with a development value of £30 million.
As planning consent is already secured, it means construction work by Willmott Dixon’s contracting business will begin in March to deliver the housing and some retail units over the next two years.
Representing the biggest ever investment in this part of London, the multi-phase regeneration of the seven acre Aberfeldy estate will see 1,176 homes, shops, healthcare and community facilities created over 12 years. The work replaces dilapidated 1950s-era housing to provide a better living environment for residents, complete with new shops and open, green spaces for recreation.
Occupying a prime location in east London close to East India Road DLR station, the new Aberfeldy Village that will emerge is designed around a central street hub, with new and existing residents benefiting from fast transport links to Canary Wharf and central London.
During the course of the long-term project, over 1,000 construction jobs will be sustained and it’s also expected to bring 300 new jobs to the area after completion.
Aberfeldy’s regeneration is one of the largest new housing schemes in Tower Hamlets and Steve Stride, chief executive of Poplar HARCA said: “Achieving financial close on the first stage is great news for everyone who lives in the area as it means we can start a major programme of investment that will transform this estate and enhance thousands of residents’ lives. It will also create a place that will attract people who’ll want to be part of a vibrant community that has quick access to so many other parts of London.”
Brian Brady, managing director of Willmott Dixon’s residential development business, said: “After a lot of work in the planning stage, we can now start on site and help turn what is an exciting vision into reality. We are delighted that our development know-how and experience of estate regeneration is able to help Poplar HARCA realise their ambition to create a new future for Aberfeldy Village and its residents; a journey we look forward to completing together.”