Anthology, the London residential developer backed by funds managed by Oaktree Capital Management, L.P. (Oaktree), has been selected by Hackney to deliver two new residential towers in Hoxton – which will provide cross-subsidy towards the construction of 449 new Council homes for social renting and shared ownership.
Anthology has exchanged on the purchase of the one acre site in Hoxton known as One Parkside, which is the third phase of Hackney Council’s redevelopment of the rundown 20th century Colville Estate.
An existing 12-storey building will be replaced with two residential towers of 16 and 20 storeys, delivering 198 new private for sale properties which will help finance new Council homes for social renting and shared ownership being built on the estate. The vision for the towers, designed by Karakusevic Carson Architects and David Chipperfield Architects, is to maximise views over Shoreditch Park and central London with a community café at ground floor level, forming a gateway to the Colville neighbourhood.
The site, bordered by Shoreditch Park to the south and Regent’s Canal to the north, has detailed planning consent with construction due to start in 2016 and completing in 2018.
Hackney Council, along with Karakusevic Carson Architects, has worked closely with local residents on plans for the redevelopment, with the regeneration steering group of the Colville Estate Tenants and Residents Association (CETRA) playing a key part in selecting the architects in a design competition. A petition in support of the two towers featuring the names of 291 existing Colville Estate residents was submitted to the borough’s planning sub-committee.
The new Colville neighbourhood will be tenure-blind, with 925 homes, comprising half for social renting and shared ownership, and half for market sale, with all existing Council homes for social renting being re-provided. Tenants have a right to return to newly-built homes on Colville, with all existing leaseholders having the option to remain on the estate by moving into a brand new home under a shared equity or shared ownership arrangement. The demolition and construction period is expected to span the next decade.
Cllr Philip Glanville, Hackney Council’s Cabinet Member for Housing, said:
“This is another step forward to providing much-needed high quality new homes for Colville residents at social rents, in the absence of government funding, and with this phase receiving the clear support of the estate. Following a tender process, Anthology was selected because of its shared vision for the area, its collaborative approach and commitment to delivering homes that will be part of a new neighbourhood with first class design.”
Mark Dickinson, Managing Director of Anthology, commented:
“We are excited to be working with Hackney Council, local residents and our professional team to begin work on a new chapter to enhance the neighbourhood, while creating much-needed, quality new homes for Londoners.”
The first phase of Colville’s regeneration, Bridport House, saw the demolition of 20 properties and their replacement with 41 new Council homes for social renting, which completed in 2011. The second phase, currently out to tender, will be built at the same time as the third, and will deliver 113 new Council homes for social renting and 34 for shared ownership.