Developer’s move wins rights to £100m mixed-development scheme in Essex.
Redrow Regeneration has bought Urban Catalyst (Barking) Ltd, and in doing so acquired the rights to develop a mixed-use scheme in Essex that could generate sales of £100m over four years. The first phase of the scheme centres around the provision of a Life Long Learning Centre, designed by architect Allford Hall Monaghan Morris, in the town square. Later phases include residential and commercial properties.
As reported in Building in December 2005, the scheme – which is part-funded by the ODPM – was delayed after a dispute between developer Urban Catalyst and contractor Wates. It was at this time that Redrow joined negotiations to join the project as a possible equity partner.
Paul Pedley, chairman of Redrow Regeneration said: “We are extremely pleased to secure this opportunity in Barking, which follows on the heels of Watford Junction and marks the second major transaction concluded by Redrow's Regeneration activities since its formation last year.”