The Opportunity

On behalf of Peabody, GVA is delighted to bring to the market Thamesmead Waterfront, a regionally significant development opportunity that has the potential to deliver approximately 11,500 new homes and a rejuvenated Town Centre for Thamesmead. Peabody is seeking to appoint a credible strategic investment and development partner with the experience and expertise to help realise its vision for Thamesmead.

 

Thamesmead Waterfront is a unique site on the southern bank of the River Thames, in the Royal Borough of Greenwich. Together with the London Borough of Bexley, Royal Borough of Greenwich, Greater London Authority and Transport for London, Peabody is driving forward the regeneration of the area. Thamesmead is identified as an Opportunity Area in the London Plan; this site is the most substantial opportunity in the regeneration of Thamesmead and of the most prominent regeneration opportunities in Europe.

 

Peabody is seeking to appoint a credible strategic investment and development partner with the experience and expertise to help realise its vision for Thamesmead Waterfront.

The Site

Extending to almost 100 ha (c 250 acres) and benefitting from c 2km of undeveloped waterfront, the site has an abundance of green space and comprises open grassed and wooded areas, as well as the existing Thamesmead town centre and two lakes forming part of the urban drainage system.

 

As the main landowner in the area, Peabody have brought together assets that were previously owned and managed by disparate organisations, including a significant amount of the area’s housing stock, most of the town’s extensive green and blue infrastructure, as well as a range of community, commercial and industrial spaces. Since 2014, Peabody has worked with local residents to form its 30 year vision and mission for Thamesmead – Peabody’s Plan for Thamesmead.

Transport

The Mayor of London announced in October 2016 a number of new river crossings for East London, including an extension of the Docklands Light Railway to Thamesmead via a submerged tunnel. TfL is currently investigating the feasibility of potential routes and alignments for the extension, and it is identified both within the latest TfL Business Plan, and the Draft Mayor’s Transport Strategy. The project is currently in the feasibility stages, with delivery forecast for 2020 - 2030. Part of the site is safeguarded for a proposed river crossing at Gallion’s Reach.

Planning Context

The London Plan identifies Thamesmead as an Opportunity Area, supporting optimisation of residential and non-residential densities subject to infrastructure provision and through improvements in public transport accessibility. The current Royal Borough of Greenwich Core Strategy allocates the site as a Strategic Development Location, reinforcing the GLA Opportunity Area designation.

 

The GLA is leading on the development of a new Opportunity Area Planning Framework (OAPF) for Thamesmead, which will be published in draft form in spring 2018, and will identify Thamesmead Waterfront as a key development opportunity enabled by investment in the DLR extension.  A key role of the strategic partner will be to work up a planning strategy in conjunction with Peabody and wider stakeholders.

 

A concept Masterplan for Thamesmead Waterfront has been produced by Lifschutz Davidson Sandilands, promoting the regeneration opportunities arising from the DLR extension. The Masterplan indicates a development capacity of 94,000 sqm (1m sq ft) of commercial uses and 11,500 homes.

Process

We outline indicative timings for the procurement process below:

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© GVA, Peabody and Thamesmead 2017