Grainger Trust plc, the UK's largest quoted residential property owner, has entered into a £70 million multi-site mixed use regeneration partnership with the London Borough of Islington and the Guinness Trust.
The completed project will provide 144 new private apartments, 62 affordable homes, 4000m2 of offices and a 750m2 Surestart centre for the council, together with 1630m2 of community use space.
Planning permission has been obtained for the development of each site and work is expected to commence shortly at Downham Road and Hornsey Road.
The project is the result of a partnership arrangement between Grainger, Islington Council and the Guinness Trust drawn up following a competitive selection process undertaken by the council in 2003.
"We are delighted to have completed this important transaction and are looking forward to working with Islington Council and Guinness Trust," commented Richard Exley, Director of Development at Grainger. "This will be Grainger's largest development project to date and is a good fit with our evolving strategy of focusing on larger mixed use development projects."
Terry Stacy, Islington Council's Deputy Leader and Executive Member for Housing and Communities added: "Building strong communities takes more than just bricks and mortar. This innovative public private partnership means that we can create important local facilities including a much wanted Surestart centre, as well as the affordable housing that residents tell us they need. We are very pleased to be working with Grainger and the Guinness Trust on this project. It is one that will benefit Islington enormously."
Simon Dow, Chief Executive of The Guinness Trust commented: "Guinness has a great track record working with both Islington and with Grainger Trust plc - we are convinced this is a terrific opportunity to provide new affordable homes for local people."
Page Last Updated: 29 July 2008