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3 September 2002
The Group is at the forefront of this valuable and growing market sector in London and the South East of England.
Countryside Properties PLC, the developer of sustainable mixed-use and mixed-tenure communities, has been awarded new contracts to carry out three estate regeneration projects within the London region that will comprise a total of 640 mixed-tenure homes.
All three projects include the development of new homes for sale, as well as affordable homes for rent and shared ownership under design and build contracts. The housing for sale has a combined completed development value of £54m with the design and build contracts worth an additional £35m to the Group.
Countryside Properties, in conjunction with the Southern Housing Group, has been selected by the London Borough of Barking and Dagenham, as its partner for the regeneration of the 1,700 home Gascoigne Estate in Barking, East London. During the first phase 120 homes for rent, shared ownership and affordable sale will be built under a £9.5m contract and 34 new homes for sale will be developed with a completed development value of £5m. Construction is expected to commence later this year with completion due in late 2003.
The Group will also be redeveloping the Chrisp Street Triangle site in Tower Hamlets, East London, for the Poplar Housing and Regeneration Agency, East Thames Housing Group and the Boleyn and Forest Housing Society. 118 homes for rent and shared ownership will be developed under a £10m contract, together with 44 homes for sale with a completed development value of £9m. The project is due to start in September 2002 and complete in September 2004.
The London Borough of Southwark, together with Family and Hyde Housing Associations have awarded Countryside Properties contracts for a further three development phases of London's largest estate regeneration scheme, the Peckham Partnership. The contracts for 141 new homes for rent and shared ownership are worth £15.9m. In addition, the Group will develop 184 new homes for sale with a completed development value of £40m. The latest phases will commence shortly and complete in late 2003. A total of 500 homes for rent and shared ownership and 153 for sale have already been built by the Group under the Peckham Partnership.
Commenting, Graham Cherry, Chief Executive of Countryside Properties PLC, said: "These developments reflect Countryside Properties' unparalleled track record in estate regeneration and highlight the increasing importance of mixed-tenure development. It is helping to achieve more balanced communities where housing for sale is cross subsidising the more affordable elements. The Group is at the forefront of this valuable and growing market sector in London and the South East of England."
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Information correct as at 03/09/2002