Cathedral Group PLC in joint venture with Development Securities PLC today announced the completed acquisition of the 2.2-acre vacant Greenwich Industrial Estate in the heart of Greenwich town centre from the Royal Borough of Greenwich for £16m.
The MVMNT, a joint venture deal with Willmott Dixon’s development division Regen to deliver the £50m residential element of the scheme was completed simultaneously, along with the signing of a £8.3 deal with McLaren Property to enable the construction of a 358-bed student village. The total value of the development exceeds £110m.
The completions enable Willmott Dixon’s construction arm to begin construction of the 181-unit residential part of the site, branded as Prime Place, immediately. Work will also begin on the construction of a new wing for the existing Greenwich West Community Centre, designed by Studio Egret West. McLaren Property will begin construction on the student village later in the summer. Cathedral and Development Securities have also signed a 35-year lease with Travelodge to build a 104-bed business hotel on the site. It is hoped construction of this element will begin before the end of 2012.
When complete, The MVMNT will be a highly sustainable mixed-use residential community which, alongside apartments and the student village, will include education and office spaces, a health and fitness club, a convenience food store, nursery and a series of business incubator or ‘start up’ units – all located along a new public, pedestrian-friendly street connecting the DLR with Norman Road. In addition, a new 30-bed boutique hotel and restaurant is planned behind the existing North Pole Public House.
The £110m project was named The MVMNT to reflect the vision of a dynamic and sustainable community on the site, which has been vacant since 2007. The scheme will be an exemplar 21st century development with an on-site energy centre providing renewable energy, 418 spaces available for bicycle storage and an innovative bike cafe which will double up as a cycle repair shop.