The developer, who also recently announced its purchase of land near Wembley Stadium for a £270 million scheme, has continued its acquisitive period and remains confident about further growth.
It has acquired the plot with planning permission already granted for 58 housing units and 26,500 sq ft floorspace for commercial use. Work is due to commence on site in Q3 2021 with completion targeted in Q1 2024.
Regal London's vision is for a £65m scheme that will comprise 22 one-bed units, 25 two-bed units and 11 three-bed units, all of which are configured around a central internal courtyard that allows for good levels of natural light for residents. Each flat and communal space will also benefit from large private balconies, and the development provides secure cycle parking spaces.
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The existing Laundry Building was constructed in the 1960s and has direct frontages onto Warburton Road, Mentmore Terrace and Sidworth Street. In keeping with Regal London’s focus on regeneration areas, in recent years London Fields has undergone an urban renaissance with small scale artisan bakers, coffee shops and wholefood stores recently opened in the immediate vicinity.
This is Regal London’s seventh site in Hackney, and follows the recently completed Shoreditch Exchange development on nearby Hackney Road.
As part of Regal London's commitment to sustainability, commercial units will achieve BREEAM Excellent. In addition to the physical impact of the scheme, the company is also looking to offer opportunities to those in the local community, for example, 10% of the commercial floorspace will be provided as affordable. CIL contributions for the scheme total over £1.25m.
Simon De Friend, Joint Founder of Regal London, commented: "This is another exciting acquisition in an area that we’ve played a key role in transforming in recent years. We look forward to adding to the extensive work we’ve done to date within London Borough of Hackney. Our plans for Warburton Road will create a development that complements and benefits the local area and its community via our commercial workspace and the provision of much-needed housing.
"We will continue to acquire strategic sites across the city that support our mixed-use capabilities and capitalise on our expertise in regeneration projects, creating developments in the process that reflect the diversity, vibrance and history of London. Despite the challenges posed by Covid-19, our land acquisition strategy remains constant and our integrated model has proved hugely resilient during this period."
