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Five Consortia Shortlisted for Major London Real Estate Makeover

Wandsworth council in London has produced a shortlist of five developers to help it revive a large estate in the neighbourhood of Clapham Junction rail station.

The Winstanley and York Road project, which is currently valued at £1bn, will take a 32-acre site and produce a stylish and attractively-designed neighbourhood consisting of approximately 2,000 new homes as well as brand-new retail, office, community, and leisure space.

The scheme is being hailed as a leading effort in the UK government’s mission to demolish and recreate the most neglected estates in the country. These estates were targeted by the Prime Minister in his £140m programme to transform 100 of the worst locations.

The Winstanley and York Road scheme shortlist consists of the following:

  • Balfour Beatty Infrastructure Investments & First Base
  • Berkeley Group
  • C&C Properties UK & Pinnacle Group
  • Lend Lease Europe Holdings
  • Taylor Wimpey UK

Both owner-occupiers and council tenants are being offered new homes in the rejuvenated development so that they can remain and benefit from the area’s overall revival. Tenants have already voiced their preference for an overall redevelopment of the two locations as opposed to a simple makeover of the current buildings.

Under the more popular option, some currently existing blocks would undergo refurbishment and redevelopment would take take place in large sections of the York Road estate.

Specialists in Structural Defects

The redeveloped sections would extend beyond their current boundaries to include Shepard House, Gagarin House, and Ganley Court. New housing would be incorporated into modern buildings that face properly defined streets.

Two towers located on York Road estate will remain but redevelopment will take place at Chesterton House.

Wandsworth Council’s lead advisor for the procurement process is Bilfinger GVA, which is one of Europe’s leading providers of real estate services. Bilfinger currently has over 23 million square metres of managed assets and space valued at over over €40b.

Bilfinger GVA Chief Executive Gerry Hughes said that the company is “delighted” that the five shortlisted parties are of a calibre that matches both the potential and scale of this important estate regeneration scheme.

A preferred partner is expected to be selected in late 2016.

The Winstanley and York Road Estates were major contenders to become one of the capital’s designated housing zones, but in the end it missed out on becoming one of the 31 schemes to benefit from the £400m fund established by the mayor.

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