Residential and office-led scheme planned on the banks of the Thames next to O2 Arena
Development Securities and Cathedral Group are planning a £700m mixed-use scheme in south east London after buying a 19 acre riverside plot.The scheme, dubbed ‘Greenwich Beach’ and proposed on a regeneration site boasting 500m of Thames frontage on the Greenwich Peninsula next to the 02 Arena, will now be developed through a residential and office-led masterplan which will produce a 2m sq ft scheme.
The two developers said the scheme, at Morden Wharf, reflected Greenwich Council’s ambition to link with “historic Greenwich” and focus development around the growing sports, entertainment and educational facilities on the Penisula.
Cathedral Group and Development Securities are already working in partnership on The Movement Greenwich, a mixed-use scheme at the former Greenwich Industrial Estate next to Greenwich rail and DLR station.
Their latest move follows Hong Kong investor Knight Dragon’s £300m injection into Quintain’s 150 acre mixed use scheme on the Peninsula in June.
Chief executive of Cathedral Group, Richard Upton, said: “Morden Wharf is a perfect example of what we do best at Cathedral. It demonstrates our ability to undertake complex corporate transactions and to acquire land assets with significant development challenges in areas of major change.
“As with many of Cathedral’s projects we will be seeking to deliver immediate and worthwhile short term uses that start to create real sense of place at Morden Wharf in line with the Council’s aspirations for a new and exciting London destination.
Matthew Weiner, director at Development Securities, said: “This latest acquisition supports our strategy of realising value through the regeneration of functionally obsolete, secondary or tertiary assets into vibrant, high-quality schemes.
“Morden Wharf is located at the heart of one of the most active areas of regeneration in London and yet its potential has remained untapped for many years. Working with Cathedral Group, we look forward to unlocking this site for development and contributing to the wider regeneration of Greenwich Peninsula.”
Previously a glucose factory developed by Tate & Lyle in the 1960s, the 19-acre site has been cleared and remediated, and is vacant except for an office building and two warehouses.