A mixed-use site in Fulham is set to be constructed after two firms in a joint venture purchased the land from Sainsbury's.
Barratt London and L&Q have bought the land from the supermarket to create a new development situated on the north bank of the River Thames with a gross value of £420 million. Planning permission had previously been given to Sainsbury's for a new store, as well as 463 riverside apartments, and the two companies have purchased the land on an unconditional basis. However, the firms have also revealed additional plans to go alongside the original supermarket and housing proposals which have already been approved.
Officials have stated that there will be a number of restaurants, cafes and bars, as well as a crèche, gym and landscaped gardens. Due to its location at Fulham Wharf, the 8.5-acre site will also incorporate a riverside walk which will allow for the use of a jetty, that the companies believe will create an ecological environment for wildlife that inhabit the area. Residential blocks are set to wrap around the 100,000 sq ft Sainsbury's site, as well as rising above it at heights ranging from two to 17 storeys.
While no official start date has been announced, Barratt London and L&Q have said that the development will be completed over two phases. The first will be the construction of the supermarket and 267 apartments, of which 52 will be shared ownership. The second part will consist of building 196 residential homes, 14 social rented properties and the demolition of the old supermarket.
Alastair Baird, regional managing director of Barratt London, said: "We are delighted to have secured this high profile project on the west London water front. Barratt has a strong track record of delivering complex London schemes including Dalston Junction and Canada Water and this gave us a strong competitive advantage.
"Our London portfolio is expanding fast – we now have over 3,000 units under construction across the Capital in 17 boroughs providing homes ranging from £120,000 to £3.5 million."
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