Homes on the Peninsula: the Story So Far / by greenpenlondon

Residential developments on the Lower Riverside/Parkside of Greenwich Peninsula - June 2016 [greenpenlondon]

Bellway's City Peninsula, the first completed development, stands alone on the Greenwich Peninsula riverside - 2012

The 2004 Greenwich Peninsula Masterplan, based on Richard Rogers' original vision, saw the retention of the Millennium Dome alongside plans for a £5bn development aiming to provide 10,010 new homes. The following decade saw just 229 homes and a 264-room student accommodation scheme completed. After a slow start, exacerbated by the economic downturn, residential development has finally ramped up and a revised 2015 Masterplan aims to deliver more ambitious plans for the Peninsula.

In numbers:

  • Residential schemes based on the 2004 Masterplan will deliver 2,828 homes at the Lower and Upper Riverside developments by 2020, including 1,001 affordable homes (35% by unit).
  • Of these, 933 homes now are occupied and 1,895 under construction.
  • A redrawn 2015 Masterplan permits an additional 12,678 homes (22.5% affordable) and extends an agreement to provide only private homes on four plots at Peninsula Quays.
  • The total number of homes permitted across the entire project is 15,700 (25% affordable).
  • Some 5,104 homes are planned elsewhere on the wider Greenwich Peninsula, including Greenwich Millennium Village, Enderby Wharf, River Gardens and Precision.

Aerial photograph of the Greenwich Peninsula (c. 2013), following the completion of City Peninsula and Scape Greenwich on the Lower Riverside

2004 MASTERPLAN

The Greenwich Peninsula Masterplan, designed by Richard Rogers Partnership for developer Meridian Delta Ltd., was agreed in February 2004. The £5bn development planned for 10,010 new homes and, in line with Royal Borough of Greenwich's policy, secured 35% affordable housing (by unit) across the project. Construction was proposed at a rate of 500 homes a year for 20 years, but in the first decade only 229 homes were delivered at Bellway's City Peninsula. A number of non-residential developments were brought forward, including: Ravensbourne College, office blocks at Mitre Passage and Pier Walk, the Emirates Air Line cable car and a new Energy Centre.

2004 Masterplan by Terry Farrell & Partners

TABLE 1: Residential blocks (full planning permission only) ordered by approval date
Plot Applicant Scheme Dwellings Plans submitted Approved Completion Ref.
M0102 C Bellway City Peninsula 229 2 Apr 2007 31 May 2007 Q4 2011 07/0715/R
M0101 C Bellway Platinum Riverside 198 29 Jun 2012 1 Mar 2013 Q1 2015 12/1708/F
M0114 C MDL/KDDL Cable & Roper 201 20 Nov 2012 8 Apr 2013 Q1 2016 12/2819/F
M0115 C MDL/KDDL Moore 144 16 Nov 2012 27 Mar 2013 Q4 2015 12/2841/F
M0117 C MDL/KDDL Norton 161 20 Nov 2012 27 Mar 2013 Q4 2015 12/2840/F
M0104 UC MDL/KDDL Waterman 268 31 Oct 2013 31 Mar 2014 Q2/3 2017 13/2865/F
M0121 NC MDL/KDDL Unnamed 251 31 Oct 2013 31 Mar 2014 2019? 13/2865/F
M0116 UC MDL/KDDL Fulmar 139 28 Oct 2013 31 Mar 2014 Q3 2016 13/2823/F
M0103 UC MDL/KDDL Lighterman 224 28 Oct 2013 31 Mar 2014 Q3/4 2017 13/2874/F
N0205-6-7 UC KDDL U. Riverside I 464 18 Aug 2014 25 Feb 2015 2018 14/1799/F
N0205-6-7 UC KDDL U. Riverside II 543 18 Aug 2014 25 Feb 2015 2020 14/1799/F
C Constructed, UC Under Construction, NC Not Commenced.

Homes Completed per Year

Number of homes completed per year (estimated), based on Table 1 above.

KNIGHT DRAGON

In June 2012, developer Knight Dragon bought out Lend Lease to take a 60% stake in Greenwich Peninsula Regeneration Limited (GPRL), the joint venture holding company, alongside Quintain who retained a 40% interest. During the following 16-month period, the joint venture secured outline planning consent for some 3,000 homes:

  • Detailed planning permission was granted for three residential plots comprising Peninsula Riverside Phase I and outline planning permission granted for the Peninsula Quays Masterplan  (March/April 2013).
  • Full planning applications were submitted for four residential plots that comprise Peninsula Riverside Phase II (October 2013, later approved March 2014).

In November 2013, an agreement was reached for Knight Dragon to take on sole ownership of the scheme. Since taking on full responsibility for project and development management, Knight Dragon has completed three residential plots, at which the private buildings are marketed as Norton, Moore and Cable & Roper. Construction is now underway on Phase II (Fulmar, Waterman and Lighterman) and is soon expected commence on the fourth, M0121 (unnamed). The Upper Riverside development - the first to be put forward by Knight Dragon alone - gained approval in February 2015.

Derelict Peninsula Quays site (renamed Meridian Quays) overlooking Canary Wharf across the Thames - June 2016 [greenpenlondon]

11-PLOT STRATEGY

A strategy was agreed in February 2013 (and amended in June) with the aim of accelerating residential development and to deliver 3,100 homes by the end of 2019. The agreement - a variation to the Section 106 planning agreement - relates to the delivery of affordable housing across 11 plots and in summary it:

  • Permits the concentration of affordable homes in seven southern plots (M0101, M0103, M0104, M0114, M0115, M0116, M0117) and no affordable homes in four higher value plots at Peninsula Quays (plots N0601, N0602, N0607 and N0608) on the northwest of the Peninsula.
  • Cross-subsidises the provision of more affordable housing than would be viable if it were spread across all 11 plots, due to the increased revenues at Peninsula Quays.
  • Reduces the overall provision of affordable homes from 38% to 25% by habitable room or, in terms of the number of homes, from 35% to 21% by unit. This delivers 646 affordable homes on the seven southern plots; 439 fewer affordable homes than the 35% originally required.
  • Permits no more than 60% of habitable rooms to comprise affordable housing on the seven southern plots.
  • Ensures £50 million housing grant to support the forward sale of affordable to housing associations. Subject to the grant being drawn down, 266 affordable homes are expected to be completed by end June 2015, and the remaining 380 affordable homes by end December 2017.

A group of residents challenged the decision to concentrate affordable homes on the south of the Peninsula, on the basis that the developer bought into the project but then argued it was no longer financially viable. The Council refused a Freedom of Information request for the developer's viability report to be made public, but in January 2015 a Tribunal ordered full disclosure of both the report and the Council's independent assessment. This decision set a precedent for greater transparency where proposals do not meet the Council's affordable housing target of 35%.

Conceptual design for Peninsula Quays Masterplan (2013) - superseded by revised 2015 Greenwich Peninsula Masterplan

Peninsula Quays Masterplan

In line with the 11-plot residential strategy, outline planning permission was granted in March 2013 for the Peninsula Quays Masterplan, permitting up to 1,683 homes (entirely private) across four plots: N0601, N0602, N0607 and N0608 in the Peninsula Quays district. Two non-residential plots (N0504 and N0506) fall within the Peninsula Central district.

The 11-plot agreement did not secure a deadline for the commencement or completion of the proposed development at Peninsula Quays, as the incentive to cross-subsidise affordable homes was considered adequate. Knight Dragon estimated a period of 7 years, with construction starting in January 2014 and completing by end 2019. As of July 2016, no work has commenced on the site. Swank Hayden Connell Architect's proposed design (pictured) will no longer be realised, as Knight Dragon's more ambitious 2015 Greenwich Peninsula Masterplan supersedes earlier plans. Peninsula Quays is renamed Meridian Quays, and new plans break away from the 2004 Masterplan in both street plan and building heights. The 1,683 homes are now absorbed into the total permitted by the 2015 Masterplan, although the agreement remains to provide only private homes on the four plots.

Developments on the Lower Riverside of Greenwich Peninsula - May 2016 [greenpenlondon]

Lower Riverside

Development is completed or underway on nine residential plots (seven of which form part of the 11-plot scheme) on the Peninsula's southeast riverside. The first development to be completed - M0102 City Peninsula by Bellway in late 2011 - is not included in the scheme, while M0101 Platinum Riverside - also sold to and developed by Bellway - is. Residential development by developer Meridian Delta, and later Knight Dragon, is delivered in two phases:

  • Peninsula Riverside Phase I delivers 506 homes on three plots: M0117 Norton and M0115 Moore (completed in Q4 2015) and M0114 Cable & Roper (completed Q1 2016).
  • Peninsula Riverside Phase II delivers 498 homes on three plots: M0103 Lighterman, M0104 Waterman and M0116 Fulmar. Construction is ongoing, due to complete by end 2017.

Footprint of residential developments on the Lower Riverside, including post-2004 Masterplan schemes and two newly proposed blocks (19.04 and 19.05) relating to Knight Dragon's 2015 Masterplan [greenpenlondon]

TABLE 2: 11-plot residential scheme (approved plans), ordered by development phase and estimated completion date.
Plot Building (completed) Total Units Private Units Private HR Afford. Units Of which, Afford. HR
Int. Social
M0101 1 Platinum Riverside (2015) 198 156 (79%) 438 (77%) 42 (21%) 14 (33%) 28 (67%) 134 (24%)
M0115 1 Moore (2015) 144 64 (44%) 164 (41%) 80 (56%) 16 (20%) 64 (80%) 235 (59%)
M0117 1 Norton (2016) 161 67 (42%) 175 (38%) 94 (58%) 18 (19%) 76 (81%) 284 (62%)
M0114 1 Cable & Roper (2016) 201 92 (46%) 216 (41%) 109 (54%) 49 (45%) 60 (55%) 316 (59%)
M0116 2 Fulmar (2016) 139 60 (43%) 152 (40%) 79 (57%) 19 (24%) 60 (76%) 232 (60%)
M0103 2 Lighterman (2017) 224 103 (46%) 272 (44%) 121 (54%) 50 (41%) 71 (59%) 349 (56%)
M0104 2 Waterman (2017) 274 113 (41%) 321 (40%) 161 (59%) 63 (39%) 98 (61%) 479 (60%)
Total 7 Lower Riverside plots 1,341 655 (49%) 1,738 (46%) 686 (51%) 229 (33%) 457 (67%) 2,029 (54%)
4 Peninsula Quay plots*: NO601-2, NO607, NO608 (outline planning permission only) 1,683 1,683 (100%) 0  
Total 11-plot scheme 3,024 2,338 (77%) 686 (23%)
*Construction has not commenced on Peninsula Quays plots [HR = Habitable Rooms, Int. = Intermediate tenure]

Tenure distribution across the Lower Riverside/Parkside [DSDHA]

In total, seven Lower Riverside plots provide 1,341 homes, of which 655 are private (49%) and 686 affordable (51%). This is 40 more than the 646 affordable homes that the 11-plot scheme required. M0121, to be constructed immediately north of M0104, will provide the lowest proportion (just 20%) of affordable homes, with the highest proportion (59%) concentrated in the neighbouring Waterman. The number of habitable rooms allocated to affordable homes does not exceed 60% in any of the developments.

The scheme delivered 216 affordable homes by end-June 2016 (following the completion of the first 3 plots in Phase I) and is set to deliver the remaining units by the end of 2017. Affordable homes on the Greenwich Peninsula, including social rent, affordable rent and intermediate housing, are provided by Moat Homes and L&Q.

TABLE 3: Lower Riverside developments outside 11-plot scheme (approved plans)
Plot Building Total Units Private Units Private HR Afford. Units Of which, Afford. HR
Int. Social
M0102* City Peninsula (2012) 229 169 (74%) 60 (26%) 46 (77%) 14 (23%)
M0121 Unnamed 251 201 (80%) 555 (79%) 50 (20%) 15 (30%) 35 (70%) 151 (21%)
Total Lower Riverside (incl. 11-plot scheme) 1,821 1,025 (56%) 796 (44%) 290 (36%) 506 (64%)
*Information on habitable rooms in M0102 unavailable.

Inclusive of the other two Lower Riverside plots, M0102 City Peninsula and M0121 (as yet unnamed) that are not part of the 11-plot scheme, the total number of homes provided in the Lower Riverside is 1,821, of which 1,025 (56%) are private and 796 (44%) affordable. The affordable housing allocation comprises 290 (36%) Intermediate tenure and 506 (64%) Social Rent.

Upper Riverside development on the northeast of the Greenwich Peninsula - June 2016 [greenpenlondon]

Upper Riverside

The Upper Riverside development gained approval in February 2015 and soon after construction commenced on the first two of five buildings that will provide 464 homes. An additional 543, totaling 1007 homes, will be delivered by 2020 with the completion of the second phase. Upper Riverside provides 205 (20%) affordable homes.

TABLE 4: Upper Riverside - plots N00205, N0206 and N0207 (approved plans)
Building Total Units Private Units Afford. Units Of which,
Int. Social
No.1 270 130 (48%) 140 (52%) 42 (30%) 98 (70%)
No.2 194 194 (100%) 0  
Total Phase I (2018) 464 324 (70%) 140 (30%) 42 (30%) 98 (70%)
No.3 190 125 (66%) 65 (34%) 22 (34%) 43 (66%)
No.4 191 191 (100%) 0  
No.5 161 162 (100%) 0  
Total Phase II (2020) 543 478 (88%) 65 (12%) 22 (34%) 43 (66%)
Total Upper Riverside 1007 802 (80%) 205 (20%) 64 (31%) 141 (69%)
Based on revised NSA schedule (August 2014)

TOTALS

This blog calculates a total of 2,828 homes, comprising 1,827 (65%) private homes and 1,001 (35%) affordable homes, will soon be delivered under 2004 Masterplan schemes.

If 1,683 private units at Peninsula Quays - agreed as part as the 11-plot scheme but not constructed - are taken into account, this equates to 4,511 homes, comprising 3,510 (78%) private and 1,001 (22%) affordable. The 2015 Masterplan now absorbs the Peninsula Quays plots, though the agreement to provide no affordable homes on four plots is upheld.

TABLE 5: Total number of homes completed, under construction or about to commence (2004 Masterplan schemes)
Building Total Units Private Units Afford. Units Of which,
Int. Social
Total, excluding Peninsula Quays 2,828* 1,827 (65%) 1,001 (35%) 354 (35%) 647 (%)
Total, including Peninsula Quays 4,511 3,510 (78%) 1,001 (22%)
*Knight Dragon report similar numbers in their 2015 Masterplan: 2,822 homes, including 1,026 affordable homes.

Knight Dragon's revised Greenwich Peninsula Masterplan 2015 by London-based architects Allies & Morrison

2015 Masterplan: Application site boundary [Structures to be demolished in red, retained in blue]

2015 Masterplan

Knight Dragon's revised Greenwich Peninsula Masterplan, designed architects Allies & Morrison, was approved December 2015. It grants outline planning permission for more ambitious plans to be developed over a 15 to 20 year timeframe. A redrawn Masterplan outline, which excludes plots already with detailed planning permission (post-2004), permits up to 12,678 homes, over and above those already completed or under construction. The Council ratified Knight Dragon's 'affordable housing offer' to build a minimum of 2,904 affordable housing units (22.5%) within the 2015 Masterplan area. 

The total number of residential units across the development will be up to 15,700 - a 57% increase in the number of homes permitted in 2004 - of which 3,930 (25%) will be affordable. Knight Dragon agreed to a review mechanism that will allow the provision of additional affordable housing to increase should an updated Financial Viability Assessment demonstrate it is possible while maintaining a profit margin of 20% on their investment. Subject to review, a maximum of 1,572 additional affordable homes will be provided which could result in a total of 5,502 units (i.e. 35%).

The number of affordable homes envisaged by the 2004 Masterplan (3,083) is exceeded when taking into account post-2004 permissions and 2015 Masterplan proposals, which could realise 3,930 affordable homes. The number of private homes, however, is far greater: 11,790 are permitted compared to 6,207 (a 53% increase).

Permitted Homes

Number of homes permitted by evolution of plans for Greenwich Peninsula. Total represents 2015 Masterplan plus those already realised from the 2004 Masterplan.

Hall McKnight Architect's design for Plot 18.02 on Lower Brickside

POST-2015 SCHEMES

In July 2016, Knight Dragon put forward proposals for four new residential developments - the first relating to the 2015 Masterplan - that will provide 1,141 homes in total. Two plots on the Lower Riverside (19.04 and 19.05), located immediately north of M0114 Cable & Roper, will provide 401 homes and 278 homes respectively. Two plots at Brickfields South (18.02 and 18.03), located adjacent to the planned CoE School, will provide 242 homes and 220 homes respectively.

Planned Homes

Number of homes (including built or under construction) permitted across the wider Greenwich Peninsula

OTHER DEVELOPMENTS

A number of other developments around the Peninsula and East Greenwich (outside the 2004/2015 Masterplan boundaries) will deliver a significant number of new homes. Most recent plans for Greenwich Millennium Village allow for up to 2,841 homes (averaging 18% affordable), including those completed or under construction. On the west of the Peninsula 1,154 homes (18% affordable) are permitted at Enderby Wharf, 837 (33%) at River Gardens and 272 (15%) at Precision.

In total these [non-Knight Dragon] schemes are expected to deliver up to 5,104 homes, including 1,017 affordable homes. A tally of the various projects across the entire Greenwich Peninsula adds up to almost 21,000 new homes, of which at least 4,840 (23%) will be affordable homes.

TABLE 6: Other residential schemes on Greenwich Peninsula (non-Knight Dragon)
Scheme Units Private Affordable Plans Approved Construction
GMV Phases 1, 2 1095 876 (80%) 219 (20%) May 1999 1999-2009
GMV Phases 3, 4, 5 1746 1,467 (84%) 279 (16%*) Mar 2012 2013-2032
Total GMV 2,841 2,343 (82%) 498 (18%)
Enderby Wharf - revised 1154 951 (82%) 203 (18%) Aug 2015 2014-2019?
Precision (Telegraph Works) 272 232 (85%) 40 (15%) Oct 2014 2016-2018
River Gardens (Lovell's Wharf) 837 561 (67%) 276 (33%) Aug 2014 2012-2017?
*Viability Assessment (2012) sets out max viable proportion of affordable housing at 16% overall in GMV Phases 3-5.

Latest phase of Greenwich Millennium Village on south of Greenwich Peninsula - June 2016 [greenpenlondon]