Member Article

U+I snaps up £95m mixed-use regeneration scheme in Walthamstow

Mixed-use property regeneration firm U+I has exchanged contracts on the £95m Forest Works regeneration scheme in North East London.

Once completed, the 3 acre industrial site on Blackhorse Road in Walthamstow has the potential to deliver 300 new homes and a further 5,500 sq ft of commercial space and sits less than 150 metres from Blackhorse Road train station.

The site itself is located within the newly-created Blackhorse Lane housing zone and will contribute to the London Borough of Waltham Forest’s target to deliver over 2,500 new homes and 1,000 new jobs over the next decade.

Matthew Weiner, Chief Executive of U+I commented: “We are delighted to have added this mixed-use regeneration opportunity to our significant development pipeline.

“Forest Works is set to deliver gains to U+I in the next 3 - 5 years in line with our stated IRR targets, as well as contributing to the socio-economic growth of the local area.

“This latest transaction further demonstrates our ability to secure regeneration opportunities in an equity-light manner within emerging parts of the London City Region.”

U+I will act as the schemes development manager for the site owner Parkdale Investments and the Westminster-headquartered property regeneration firm will have a capped equity investment of £10m for the project.

In a statement to the London Stock Exchange this morning, the property firm also said that it plans to work closely with the council and local community to ensure the Forest Works scheme fits closely with the Council’s vision for the area, and that an initial planning application is to be submitted by early next year.