Confirmation of HCA funding gives green light to long-delayed Ocean Estate development
Contractor Wates has won an £88m contract to refurbish and redevelop the Ocean Estate in Hackney from the East Thames Development Consortium.
Wates Living Space will be expected to build 467 new homes for £47m and refurbish a further 769 for the remainder of the contract value. The consortium client includes housing associations East Thames Group, and Spitalfields Housing Association, algonside Wates, housebuilder Bellway and developer First Base.
Work has been allowed to start on the long-delayed regeneration scheme by the confirmation of £41m in grant from the Homes and Communities Agency for a scheme wroth £200m overall.
Simon Underwood, business unit director from Wates Living Space said: “Wates has already successfully completed refurbishment works to 178 properties on the estate as part of a pilot scheme.
“We can now move forward in replicating this success on a wider scale with our resident liaison officers working closely with people on the estate to rebuild their confidence in the delivery of the project.”