U+I Group has won planning permission for a £45m scheme in Ilford
Newly-rebranded developer U+I has won planning permission for a £45m residential scheme in Ilford, east London.
U+I - previously known as Development Securities - has been given the all-clear to redevelop 1970s office block Valentine’s House into a residential-led mixed-use scheme.
The building is situated next to Ilford station and is expected to complete in the last quarter of 2017, in time to capitalise on the opening of Crossrail services from the station.
The planning permission will allow U+I to increase the height of the building by four storeys and to deliver 122 residential units and 16,000sq ft of ground floor retail space. The scheme was designed by Farrells.
Work is expected to begin on site in the first quarter of 2016.
U+I has also secured £30.7m of construction debt through Quadrant Real Estate Advisors for the redevelopment of the building and pre-sold all 122 residential units to IP property investment firm IP Global.
U+I chief executive Matthew Weiner said: “The redevelopment of Valentine’s House will transform a run-down, vacant office block into a fully refurbished residential and commercial building for Ilford.