The £250 million Aldgate Place mixed-use scheme in London, designed by Allies and Morrison, has won planning approval
The joint venture between British Land and Barratt London includes three towers over 20 storeys, and will provide 500 homes ranging from studios to four-bed flats, including 35 per cent affordable housing.
There will also be a 150-bedroom hotel, 3,350 m2 of offices and 1,160 m2 of new retail, restaurant and café space and new public spaces at the two-acre site on the edge of the city of London in Tower Hamlets.
Twenty five per cent of materials in new buildings to be recycled content.
Work is scheduled to start early in 2014.
Barratt has also confirmed a £425m joint venture with housing association London & Quadrant to develop the Sainsbury’s site at Nine Elms, as Construction News reported in February.
The group’s joint ventures in the capital now have a gross development value of over £2bn, with Barratt targeting 2,000 completions per year from its London business.
Group chief executive Mark Clare is expected to say later today: “Our Barratt London business is expanding fast and we are now working on £2 bn of new developments with four JV partners - British Land, L&Q, Morgan Stanley Real Estate Investing and Metropolitan Housing.
“We are planning to deliver 2,000 new homes a year in London and our technical capability to deliver complex schemes in the capital is providing us with a competitive edge in securing new business.”
Completions this year have totalled 1,586 as of the end of 30 June, up from 1,292 last year.
Other joint ventures in the capital involving Barratt bring the total to up to over £1bn in Gross Development Value.
The three underway are Altitude on Alie Street, Queensland Terrace in Islington and Fulham Riverside.
Barratt also has a further 14 active sites in London outside of its joint venture partnerships with a GDV of £771m.