Muse Developments Breaks Ground on $385M M-U Project in London
- Jun 03, 2014
Lewisham Gateway Developments Ltd., a wholly-owned subsidiary of Muse Developments, broke ground on one of the largest regeneration projects in southeast London, Lewisham Gateway.
The project represents a £230 million ($385.4 million) partnership investment in Lewisham town center. The development is a partnership between Muse and the London Borough of Lewisham, the Mayor of London and Transport for London. A significant financial contribution to the project is also made by The Homes and Communities Agency in order to help with the cost of the major infrastructure investment and to secure the delivery of much-needed homes.
The development will deliver more than 700 new homes, 65,000 square feet of retail, restaurant and commercial space, as well as a major new urban park with enhanced waterways. The new scheme will also offer improved bus, taxi and cycling facilities.
“We are delighted to get work under way to deliver Lewisham Gateway, which has been a scheme long in the gestation. This is a really exciting project for Lewisham Borough and is going to deliver huge improvements to Lewisham town centre, building on the regeneration that has already been achieved over recent years,” said Michael Auger, director of LGDL in a news release. “The scheme has involved many partners and is a genuine reflection of what can be achieved by public/private collaboration.”
The first phase of the development is already under way and it will include the new park, Confluence Place, and the project’s first two building, which will deliver 193 new homes. Fizzy Living, a specialist private rental investor, will own and manage some of the new homes in the initial phase of the development.
The next step in the redevelopment process will start in July when road reconfiguration works will be under way. The site, located in Lewisham town center, is currently dominated by a large and unpopular roundabout that separates the town center from Lewisham DLR and railway stations. The outdated layout will be replaced by a newly configured road system. The remaining phases of the development are expected to be completed over the course of the next five years.