China’s leading residential property developer Country Garden is investing £400m in a brownfield site in Poplar near the River Lea in London’s East End.

Planning permission was granted by Tower Hamlets local authority last November 2017 for the 8,700 sq ft site on Ailsa Street. This large scale housing project will be known as Ailsa Wharf and will be made up of 13 blocks providing around 785 new homes. The blocks will range from three to 17 storeys in height.

Over 200 affordable homes are to be built, which will also include 152 rental properties to reflect the need for additional homes in the capital.

The large scale scheme will also deliver a riverside walk along the River Lea, commercial and office units, a children’s playground and area for estate residents, a fitness centre and art gallery space including a café.

Country Garden, which is based in Guangdong, is reported to own the Malaysian Forest City development valued at £79bn, where 700,000 new homes are being constructed.

The Rise of Modern Living

Nicola Almond, head of research at East London estate agents Currell, said: “We expect East London to continue to rise in popularity as it offers homes and services which reflect the way people want to live now. East London has seen a huge amount of change, and this is still underway.

When we moved to London Fields in Hackney over 20 years ago, it was neglected and many of the shops were shut. Now it’s full of life, with lots of new residents and businesses and much more urban renewal to come. Urban regeneration is ongoing.

“Hackney Wick and Fish Island, for example, are really exciting areas, and will be completely transformed over the next few years into thriving waterside neighbourhoods and Poplar looks set to follow with this latest development plan.”

Source: This article is taken from a real estate news blog, known as AppraisalNewsCast.