The site at the very tip of the Greenwich Peninsula has been earmarked for house-building for at least two decades, but a series of delays and changes of ownership meant work on the £5 billion project could only begin in earnest when Hong Kong-based developer Knight Dragon bought into it last year.
The first tranche of 250 homes will be priced from £250,000 for a studio flat to about £1.5 million for a penthouse. A typical two-bedroom flat at Greenwich Peninsula will cost £600,000. A selection of affordable units aimed at first-time buyers priced out of the property market in London will go on sale in the new year.
The first residents will move on to the 150-acre site, which has about a mile and a half of water frontage, next summer. But Richard Margee, chief executive of Knight Dragon, says it will take up to 15 years to complete the entire development of 10,000 homes plus offices, shops, bars and restaurants.
The tallest buildings on site will be about 35 storeys. It is not possible to build higher skyscrapers on the peninsula because of its proximity to aircraft landing and taking off at London City Airport.
The homes will be offered to London buyers first, at the specific request of Mayor Boris Johnson, amid concerns that many developments in the capital are launched overseas first, allowing wealthy investors to snap up the pick of the property before Londoners get a look-in.
Mr Margee says Knight Dragon is aware that it needs to do more than “build apartments and see what happens” on such a large site.
“We have been concentrating heavily on placemaking,” he says. “We’ve got a park and the river and the Jubilee line, so it is building on these things and making it a pleasant place to live. “We want to make it a compelling place to eat, drink and walk along the river.”
Residents can enjoy designer interiors and communal areas, and they will be able to make use of a concierge service, a private gym, café and delicatessen.
For more information, visit www.greenwichpeninsula.co.uk.