Joint venture to deliver new Build to Rent concept in London’s new district
Knight Dragon has announced a joint venture with Lincoln Property Company and MGT to bring forward a new chapter for Greenwich Peninsula. The partnership will see leading international US developer, Lincoln Property Company, and MGT, the specialist UK-based real estate investor and manager, introduce a new BTR development within Europe’s largest regeneration project.
The joint venture will deliver circa 500 BTR homes specifically designed for the London rental market, located on the eastern side of the new Parkside neighbourhood on the Peninsula. Subject to securing detailed planning consent, construction of the apartments is expected to begin later in 2020.
This JV partnership with Lincoln and MGT is the latest step forward with the regeneration, which has seen significant progress since Knight Dragon acquired the 150-acre site. The developer has just completed the Upper Riverside neighbourhood, a riverfront destination of 1,005 design-led homes – and Greenwich Peninsula is now home to some 3,700 residents.
In the last year, Knight Dragon has also:
- opened the first 1km section of The Tide, a new 5km public landscaped walkway designed by the architects of the New York High Line;
- launched Magazine London, a contemporary 3,000 capacity event venue for up to 3,000 people on a prime riverside spot facing Canary Wharf;
- fully opened St Mary Magdalene school;
- submitted a revised masterplan to increase the number of homes across the 150-acre development from 15,730 to 17,487
This year they will be opening the highly anticipated Design District – London’s first purpose built district for the creative community.
Richard Margree, CEO of Knight Dragon commented: “Introducing Build to Rent to Greenwich Peninsula allows us to bring forward more homes more quickly across this major regeneration and maintain the positive pace of development we have established. Creative partnerships with best-in-class groups such as these are key to maintaining the delivery rate within an opportunity area of this scale and significance.
“As a 20 year regeneration, we are consistently evolving our approach to respond to market demand and new ways of living that are always emerging across the capital. Working with Lincoln Property Company and MGT to bring purpose-built rental homes to Greenwich Peninsula creates more opportunity to live in and be part of this new London district.”
Troy Javaher, head of Europe/UK for Lincoln Property Company commented: “This partnership on Greenwich Peninsula marks another important step in our UK strategy as we embark on a period of European expansion. Lincoln brings its unique track record as one of the most prominent developers and the second largest operator of build-to-rent in the United States to one of the most exciting regeneration schemes in London. We will combine this with the expertise of our growing London-based team to deliver a high-quality residential product on Greenwich Peninsula tailored for the London rental market.“
Henry Morris, co-managing director of MGT, commented: “Establishing this important partnership with Knight Dragon allows us to bring our experience in the Build-to-Rent sector to advance an exciting vision for Greenwich Peninsula. This is our second major project with Lincoln, after Station Hill in Reading, and forms an important part of a strategic joint venture delivering MGT’s Millennial Cities strategy to develop and manage a portfolio of BTR assets which combine affordability, amenity and accessibility.“
ENDS
For Greenwich Peninsula media enquiries: Newgate Communications
GreenwichPeninsula@newgatecomms.com / +44 20 3757 9890
For Lincoln Property Company media enquiries: Redwood Consulting
danielle@redwoodconsulting.co.uk / +44 20 7828 5553
For MGT media enquiries: TwoBlue Communications
paul@tbcpr.com / +44 20 8870 0367
ABOUT GREENWICH PENINSULA
Greenwich Peninsula is fast becoming the Capital’s most boldly modern landscape. With the proposed masterplan revisions, Greenwich Peninsula will comprise:
- 7 distinct neighbourhoods
- Up to 17,487 new homes
- A minimum of 4,880 affordable homes
- A 5KM public landscaped walkway, The Tide
- Over 48 acres of public green space
- A Design District for London’s creative community, comprising 150,000 sq ft of flexible and affordable studio, workshop and desk space for some 1,800 individuals
- A modern public transport interchange including a new bus station
- 2 new schools for over 2,000 Peninsula pupils
- 1 University – Ravensbourne
- Improved walking and cycling routes
- New GP and health care facilities
- New leisure facilities, children’s play space, allotments and a cycle hub