Willmott Dixon’s development division Regen has achieved financial close with housing association Poplar HARCA for phase one of the redevelopment of the Aberfeldy estate in Tower Hamlets. This first phase, which has a development value of £30m, is for 105 new homes for private sale. Willmott Dixon’s contracting business will start on site in March.
Over the next 12 years, the multi-phase regeneration of the seven-acre 1950s Aberfeldy estate is expected to result in 1,176 new homes as well as new shops and community facilities.
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.”
Poplar HARCA chief executive Steve Stride 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.”
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