Grainger Trust plc - Mixed-Use Development - London N1, Islington
Date: 17 Jul 2003
Grainger Trust plc ("Grainger") today announces that it has been selected by Islington Council to develop two key local authority sites in North London with an estimated development value of approximately £70m.
The schemes are to be developed in partnership with Islington Council and will provide offices, for the Council, a range of community buildings, private flats and affordable homes.
The largest site, at the Hornsey Road Baths, is a mixed use development which will comprise more than 200 residential units, 43,000 sq ft of offices for occupation by Islington Council, together with community buildings that will include a new theatre created from the listed part of the former swimming pool complex.
Approximately 35% of the residential units will be designated affordable homes and will be developed in partnership with the GuinnessTrust.
The second site is located in the heart of the historic, and highly popular, Barnsbury area of Islington, close to Upper Street, where Grainger is proposing to convert three former Victorian school buildings into more than 70 duplex apartments while a similar number of new houses and flats will also be developed on the site.
The proposed scheme will create a new frontage to Barnsbury Park Road and will include a new public footpath and a small park. Again 35% of the new homes created will be affordable and will be developed, and managed, by Guinness Trust.
Rupert Dickinson, Grainger's Chief Executive, said: "We are delighted to have been chosen by Islington for these two mixed use urban regeneration schemes to be developed in partnership with the Council. These projects are a natural development of our expanding portfolio of urban regeneration schemes and complement our £400m tenanted residential portfolio.
"Importantly for Grainger these projects are being undertaken in true
partnership with Islington over the next six or seven years while our joint venture arrangements with Guinness ensure that we are focused on high quality residential for sale capable of meeting local demand."
Grainger anticipates that detailed planning consent for the schemes will be secured by Spring 2004 and work is expected to get underway during the summer of 2004 with Homsey Road completed late summer 2006 and Barnsbury completed two years later.
Grainger's professional team includes architects Pollard Thomas & Edwards, engineers Alan Baxter & Associates, cost consultants EC Harris and property consultants FPD Savills. The Council has been advised on the transaction by Donaldsons.
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