Beijing property giant, Country Garden, will invest £400m in a big housing development in East London
China’s leading residential property developer is set to invest in a big housing development in East London. The Beijing property giant, Country Garden, is investing £400m in a large scale housing project which will be known as Ailsa Wharf and will be located in a brownfield site in Poplar near the River Lea in London’s East End.
Planning permission for the development on 8,700 sq. ft. site on Ailsa Street was granted in November 2017. The housing project will include blocks ranging between 3 to 17 storeys in height and will consist of 13 blocks providing around 785 new homes.
The project will include over 200 affordable homes, which will also include 152 rental properties to address the housing crisis the capital is currently going through.
The large scale scheme will also deliver a riverside walk along the River Lea, commercial and office units, a children’s playground and area for estate residents, a fitness centre and art gallery space including a café.
The Guangdong, China-based property developer, is reported to own the Malaysian Forest City development valued at £79bn, where 700,000 new homes are being constructed.
Citing the increase in demand for modern living, the head of research at East London estate agents Currell, Nicola Almond said that it expects East London to continue to rise in popularity as it offers homes and services which reflect the way people want to live now. East London has seen a huge amount of change, and this is still underway.
Almond said that when it moved to London Fields in Hackney over 20 years ago, it was neglected and many of the shops were shut. Now it’s full of life, with lots of new residents and businesses and much more urban renewal to come. Urban regeneration is ongoing. Hackney Wick and Fish Island, for example, are really exciting areas, and will be completely transformed over the next few years into thriving waterside neighbourhoods and Poplar looks set to follow with this latest development plan.
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