Affinity Breaks Ice With Landmark Romford DealPosted on 14th June 2016
Affinity Global Real Estate Acquires Site of Former Romford Ice Rink.
Affinity Global Real Estate has acquired a seven-acre development site in Romford from supermarket chain, Morrisons. The site, which originally housed Romford’s Arena Ice Rink, will, subject to planning, be regenerated to create approximately 650 new dwellings, including Private Rented Sector (PRS), affordable homes and two and three bed apartments. Affinity’s scheme makes a significant contribution to Havering Council’s annual target of 1170 new homes under the London Plan.
With a targeted GDV of over £250m, Affinity plans to make significant contributions, both to both the local community and to Londoners in general through community infrastructure levies attached to the development.
Commenting on the acquisition, Robert Whitton, CEO of Affinity Global Real Estate, said: “The site was opened in 1987 as the Arena Ice Rink but, by April 2013, it had closed and the site was unutilised. With huge pressure on London’s councils to create new homes, such a large site is crying out for a regeneration specialist to optimise its usage.”
The London Plan 2015 suggests a target housing supply for Havering of 11,701 homes from 2015-2025, averaging 1,170 homes per annum. This represents an increase in households of approximately 12.0% across the Borough and is more than double the average delivery rates over the past 10 years. It is also higher than the peak delivery of 711 homes in 2005/06, and the Council’s own target housing supply of 970 homes per annum and the new London Plan is likely to increase this target significantly.
Robert Whitton continued: “We acquired the site after the original developers decided not to continue with their plans. They had obtained planning approval to build a superstore and 71 houses which we felt needed a significant upgrade. Our new plan to create 650 new homes, equates to just under half of the local Borough Council’s annual housing target and demonstrate our ability to create attractive, sustainable and sympathetic high density urban housing.
“It’s important to me that Affinity leaves local communities a legacy I can be proud of. In Romford, we’ll achieve that by using our regeneration expertise to revitalise the area and by helping solve the housing crisis at the same time.”
Romford is the principal town in the London Borough of Havering a historic market town. It’s identified as a Metropolitan Centre in the London Plan and in 2018, Crossrail will stop here, which will enhance connections with Central London enabling Romford to realise its potential as a commuter town as well as connecting it to other neighbouring centres and London’s airports.
In addition to the 650 residential units, the development will improve pedestrian access between the station and the hospital and provide several retail and medical units on the ground floor.
For additional information, please contact:
Dominic Hawes: 020 7718 5574
Note to editors
Founded in 2012 by Robert Whitton, a proven real-estate business leader, Affinity GRE operates across the real estate development value chain, applying tried and tested value-adding strategies in London and the UK’s other metropolitan centres. Affinity GRE also operates in selected European urban centres through its Global Developments subsidiary, targeting areas where demographic pressure demands both impact investing and the specific expertise Affinity can bring to bear.