This developer is planning to build a $9.5B city in London

And they're going ahead come what may with Brexit

TRD WEEKEND EDITION /
Nov.November 05, 2017 12:08 PM

(Mai-Linh Doan, back; Pixabay, front)

Knight Dragon Developments’ plan for its 150-acre property in East London is to spend the next 25 years building a $9.5 billion new city across from the UK capital’s Canary Wharf.

Knight Dragon bought the large property, now known as Greenwich Peninsula, in 2013 and, four years later, the project has some condos designed by SOM near completion while work on a park and subway is underway, according to Bloomberg. The project, which is about 10 percent complete, will be built in stages with different architects commissioned to design each phase of about 1,000 housing units and public amenities, like a movie theater.

Greenwich Peninsula is being considered a development that could drastically change London regardless of whether the city contracts or expands following Brexit — at a scale of influence no development has enjoyed since the post-World War Two era. The master planning for the site is being led by Allies & Morrison.

Though the plan and land purchase were both put into motion before Brexit, Knight Dragon is not changing their plans.

“Things like Brexit are unwelcome,” Knight Dragon CEO Richard Margree told Bloomberg. “But saying, ‘let’s sit back and let the momentum leak out of our boots?’ That would be a tragic mistake.”

[Bloomberg] — E.K. Hudson


Related Articles

arrow_forward_ios
From left: 60 Sloane Avenue, Domenico Giani, former head of security of The Vatican, and Vatican City (Credit: Wikipedia and iStock)

Real estate scandal rocks the Vatican

From left: London, Shanghai and Paris

In London, WeWork already reaping rewards of planned Brexit: Global property

From left: London, Shanghai and Paris

The TRD weekly global digest

London’s office market has proven to be surprisingly resilient (Credit: iStock)

Brexit is no longer slowing down London office developers

(Credit: iStock)

One winner in Brexit turmoil: London homebuyers

London (Credit: iStock)

Europe’s development bank to remain in London, despite Brexit woes

Brexit banking exodus fuels real estate gold rush in Dublin

Brexit banking exodus fuels real estate gold rush in Dublin

The Brexit effect in Amsterdam: High home prices and ultra-competitive bidding wars

The Brexit effect in Amsterdam: High home prices and ultra-competitive bidding wars

arrow_forward_ios