4th Dec 2019 10:44
(Alliance News) - Property regeneration firm U&I Group PLC on Wednesday said it has received planning permission for a GBP500 million development in London.
Lambeth Planning Committee has granted the permission for 8 Albert Embankment.
In a project alongside the London Fire Commissioner, U&I will develop 145,000 square feet of office, hotel and retail space, 443 new homes, a new fire station, and a museum.
Work is expected to start on the site in 2021 and be finished by 2025. U&I expects the project due deliver GBP25 million to GBP35 million of profit over its lifespan.
"This publicly owned asset is one of too many that have sat redundant for too long. Our unique partnership with London Fire Brigade will breathe life and productivity to this heritage site on the River Thames," said U&I.
"With more than 1,000 new jobs, a reprovisioned fire station, a fire museum and 40% affordable housing our proposals will deliver huge social and economic growth for London. We have designed a world class regeneration project at 8 Albert Embankment and now we can deliver."
Shares were 2.9% higher on Wednesday morning in London at a price of 151.80 pence each.
In mid-November, the company reported a significantly widened pretax loss for the half-year to September, with revenue also falling, due to extra costs on a forward-funded development.
By George Collard; [email protected]
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