New £2.5bn mixed-use scheme for SE London’s Greenwich

Knight Dragon, the Hong Kong-based developer, plans to create a new £2.5 billion neighbourhood in Greenwich, in south-east London, it was revealed yesterday.

The residential component of the Meridian Quays scheme will be crucial, and 5,000 new homes for sale and for rent are planned, some of which will be affordable. The seven-acre mixed-use scheme, located near North Greenwich tube station, will also have a hotel, restaurants, bars, coffee shops, leisure facilities and a school.

Knight Dragon has long been involved in the Greenwich Peninsula regeneration masterplan, an £8.4 billion project which, once finished, will be twice the size of Soho, the group said. There will be 17,847 homes on the 150 acre plot.

Boris Johnson, then Mayor of London, had given the green light to the massive project in 2015.

“Greenwich Peninsula is a once-in-a-generation opportunity for London and we have made significant progress since taking on these 150 acres of brownfield land,” said Sammy Lee, founder and vice-chairman, Knight Dragon.

“A strong community is already established and growing rapidly with thousands of people calling the peninsula home, along with new businesses, a school and a university, cultural attractions and a cutting-edge design district,” he said.

Two districts and garden walkway delivered already

Upper Riverside and Lower Riverside, two districts in the masterplan with 5,000 residents, have already been delivered, as well as the first stretch of The Tide garden walkway.

The affordable element of the residential project across the peninsula will be delivered by the housing association L&Q, the preferred partner of the mayor of London and the Greater London Authority. The agreement states that L&Q will build over 3,000 homes, 60% of which will be affordable.

“After several years in development, the pioneering deal is now approved by the Mayor of London and we look forward to L&Q confirming the formalities in the coming weeks to get the plans under way,” said Lee. “We are thrilled to be progressing with the next chapter of this exciting part of London to bring forward and even wider range of homes and ensure a mixed and balanced community.”

Construction should start in the near future, as Knight Dragon said that final board approvals and planning permission for two separate plots where the first 900 homes will be build were due “imminently”.