Notting Hill Housing Group acquires Ivax Quays site

Notting Hill Housing Group has completed contracts on Ivax Quays, a 13-acre waterside site in Newham, East London. The site, which is located in the heart of the Thames Gateway region, will be transformed into a thriving mixed-use residential, commercial and public realm community. Notting Hill London, the Group’s private sales division will be delivering a range of residential units, which will appeal to everyday Londoners.

Notting Hill London has recorded remarkable success since its launch in March 2007. In just over a year the company has grown from strength to strength with three successful launches to date and another two launches scheduled for later this year. The acquisition of the site in Newham is part of Notting Hill Housing Group’s ambitious growth strategy in terms of both private sales and low cost housing provision and is the company’s largest and most significant purchase to date. The move in terms of both the location and size of the site signals the company’s intentions to use its financial capacity to lead on delivering large-scale land acquisitions with planning risk.

Ivax Quays, home to the former HQ of a large pharmaceutical company, is set to become the company’s landmark mixed-use development. Residentially led the scheme will comprise 400 private apartments, ideal for everyday Londoners and 300 shared ownership and social rent apartments, which will provide much needed affordable housing in East London. The development will also feature over 7,000 sq m of commercial use space and almost 6,000 sq m of public realm.

Mark Vaughan, Director of Sales and Marketing for Notting Hill London comments:

“The acquirement of Ivax Quays will position Notting Hill Housing Group as a strategic player in the London residential property market and marks the beginning of our portfolio expansion towards large-scale and strategic land sites in the capital.”

Notting Hill Housing Group acquired the site through leading agents Knight Frank and Savills who acted on behalf of the vendors, Teva Pharmaceuticals and the LDA.

Charlie Hart, partner, Knight Frank, comments: "An unconditional purchase at this level without planning permission is a real boost to the market. The redevelopment of this site will have a dramatic impact on the eastern periphery of Docklands and will further establish the critical mass required to make the Royal Albert Dock a quality residentially led mixed-use environment. It also highlights the emergence of key RSL's taking on high profile, large scale regeneration opportunities.”

In order for regeneration at Ivax Quays to be achieved it was necessary to change the use within the lease and adapt the planning designation. This led to negotiations to amend the long lease between the vendors and the LDA and a full-scale master plan design process, involving inviting a panel including LDA and DFL, who selected Berlin based architects Sauerbruch Hutton to complement the local expertise of BPTW.

Julian Clarke, director of Savills development, highlights: “Whilst there was some flexibility in the original emerging policy, the property was firmly zoned for its existing use, and the site needed a design led approach to demonstrate the potential for mixed use regeneration. The first proposal evolved over two years, and is now firmly established within the design code, meeting the approval of all parties and allowing the scheme for the regeneration of this site to evolve under new ownership.”

Mark Vaughan continues: “Newham offers enormous potential as a place to live and work. We are delighted that we will be able to play a significant part in the rejuvenation of the area transforming it into a thriving and desirable residential and commercial waterfront location.”

The Borough of Newham is rapidly emerging as a centre of commerce and culture. It is situated North of the River Thames, located five miles from the City and offers a variety of great transport links into Central London.

At present Notting Hill London has a portfolio of over 400 homes in the development pipeline, either on site or in planning stages, across brownfield land sites in London, in locations including Streatham, Richmond, Barnet, Camden and Islington. Notting Hill London is aiming to build over 300 homes for private sale per annum.

For further information visit Nottinghill-london.co.uk.