Wharf Life's Property Supplement, Apr 30-May 14, 2025

Apr 30-May 14, 2025 wharf-life.com

+ Why the sale of a site on the Isle Of Dogs will spell more delays in home starts Page 16

how a deal between Notting Hill Genesis and Bow Arts in Hackney Wick means space for artists amid all the regeneration Pages 14-15

creativity housing

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Call our team on 020 7205 4021 or email cmiller@kiddrapinet.co.uk,Image by Notting Hill Genesis ypatel@kiddrapinet.co.uk or mzvarykina@kiddrapinet.co.uk

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The wider Hackney Yards development will provide 159 shared ownership properties with one, two and three-bedroom homes available

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Property

An artist’s impression of Notting Hill Genesis’ Hackney Yards scheme in east London

how Notting Hill Genesis and Bow Arts are working to deliver creativity in Hackney Wick with new workspaces

by Jon Massey

H

ackney Wick is set to get a series of new studio spaces thanks to a deal with a local charity. The housing association has sold 10,000sq ft of space in its Hackney Yards development to long-term partner Bow Arts.

The organisation, which already has a successful collaboration with the developer at Royal Albert Wharf in Royal Docks, will create 38 affordable studio units aimed at creative individuals and small enterprises.

The building – located next to Hackney Wick station – is currently under construction and should be finished by the end of next year.

“We are over the moon to secure this deal to sell the affordable workspace to our long-term partners Bow Arts Trust, following our success at Royal Albert Wharf,” said George Clarke, head of communities and commercial properties at Notting Hill Genesis.

“This is a real milestone in establishing long-term, affordable creative space in the heart of Hackney Wick.”

The wider development comprises three sites near the station and features more than 190 homes including 31 for social rent.

There will also be a further 10,000sq ft of workspace, 7,000sq ft of light industrial space and 6,000sq ft of retail space including a new supermarket.

Bow Arts’ spaces will add an extra dimension to that offering with occupants tasked with playing their part in the community – contributing to workshops, exhibitions and outreach projects.

Notting Hill Genesis said it would work closely with the charity to develop and manage a placemaking and community benefit programme.

This is a real milestone in establishing long-term, affordable creative space in the heart of Hackney Wick George Clarke, Notting Hill Genesis

Marcel Baettig, CEO of Bow Arts Trust, said: “Partnerships make it possible for us to keep artist workspace affordable, retain creative talent, and really invest in artists and the arts.

“We are inspired by our long-term partners, Notting Hill Genesis, and its commitment to sustaining local community, and supporting creativity to thrive.”

Workspaces let through the charity will be around 34% below the local average with the aim of ensuring access to facilities for emerging talents. Part-funded

by Arts Council England, the agreement between the two organisations represents a longterm commitment to the creative infrastructure of the area.

The acquisition by Bow Arts is its second permanent site following the purchase of space at Three Waters, just down the canal from Hackney Wick. key details Bow Arts’ workspaces in Hackney Wick are set to be completed towards the end of 2026. Contact the charity for more information.

Go to bowarts.org for more details of the project

Scan this code to find out more about Bow Arts and its work

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Property

1,358

Number of homes that could be built at Westferry Printworks under current planing permission Weeds and grass grow on the vacant Westferry Printworks site on the Isle Of Dogs

void filling the

Image by Jon Massey

how the sale of Westferry Printworks will likely mean further delays before anything is built

by Jon Massey

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hat will happen to the former Westferry Printworks site?

Where robots once slotted great rolls of paper into towering presses to create copies of the Daily Express and the Financial Times, only vacant space remains following the demolition of the industrial buildings.

After a tortuous back-and-forth planning process – including multiple applications and a political scandal – Richard Desmond’s Northern And Shell appears to have finally lost its appetite to actually build anything at all on the land.

Instead, having won planning approval for 1,358 homes alongside 59,528sq ft of commercial space, it’s put the £1billion scheme up for sale through Savills.

PLP Architects designs include two hectares of open space, 379 affordable homes, a base for the police, a creche and a community centre. All of this would theoretically be built over four

phases across 13 separate buildings ranging in height from four to 31 storeys.

But with the scheme now on sale, there’s little guarantee that a future owner will move ahead with the plans, which also include a 1,200-place secondary school complete with outdoor sports fields.

While developers are still building housing for private sale in east London – notably Berkeley Group’s projects on former gasworks in Tower Hamlets and Newham and Barratt London’s project at Crown Wharf, the trend in residential is very much towards the creation and long-term stewardship of rental properties.

Canary Wharf Group, for example, is now only investing in build-to-rent through its subsidiary Vertus. The likes of Galliard Homes and Telford Homes have followed suit, while big players like British Land and Greystar are also creating schemes.

While high interest rates are currently hampering the sales market, underlying demand is still strong in the sector, especially from overseas buyers who have historically been a

source of great wealth for the industry.

The trend for build-to-rent has more to do with the financing of large residential projects with developers able to access funds from backers such as pension funds who view such projects as lower risk with the potential for secure, steady return.

Sales schemes offer much greater profit margins but are increasingly difficult to borrow money against as risk-averse banks look to make safer bets.

With Westferry up for sale, the one thing that’s certain is that this will mean a longer delay on anything being built on the site. Whether the approved scheme and the facilities for local residents will be attractive to a new investor remains to be seen. In the current climate they may well seek to go a different way.

Go to loopnet.co.uk

Scan this code to see Savills listing for the 1.1million sq ft development

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