One of the largest public sector redevelopment projects in recent history in Hackney is underway. It will redevelop a former leisure centre, Colville estate, and Shoreditch Park. Several phases are complete, delivering new homes, better open space and sports facilities, a school, and more. However, there will now be delays with the Britannia project. Let’s have a closer look, then you can discuss your plans with us if you want to try guaranteed rent in Hackney.
Progress
The original Britannia Leisure Centre was a fantastic community asset. However, the building and facilities were ageing. The decision was made to redevelop it and the land around the property. This was an amazing opportunity to create a brand new mixed-use community in the area.
Several phases of the project are complete. A new Britannia Leisure Centre opened in 2021. It has exceptional modern facilities, including two pools, a sports hall, studios, pitches and courts for different sports, a cafe, and a creche. As a result, it’s an incredible hub for the community. Crucially, the design ensures accessibility for all.
Phase two was the creation of a new school. It was built at the same time as the new leisure centre, and also opened in 2021. Crucially, it is a permanent home for City of London Academy Shoreditch Park. It has places for over 1,000 students, from 11 to 18, offering fantastic facilities and high quality education.
Homes
The third and final phase of the Britannia project is to build hundreds of new homes. This includes 290 for sale (covering the cost of other parts of the project), 30 shared ownership, and 51 social rent properties. Speak to us about investing and guaranteed rent in Hackney.
Construction work began on the homes in 2023. The goal was to complete them in 2026, but there have been problems. Critically, contractor Ardmore Construction went into administration last month and the work paused. Hackney Council was aware of their financial position, and has been working on a solution.
Hackney Council is now dealing with Wates Construction Ltd after terminating their contract with Ardmore. The aim is to sign a new agreement in the coming weeks. After that, there will be a three month period to do an assessment of the current works and what it will take to restart construction. It will also be necessary to agree new contracts with suppliers.
Most importantly, Hackney Council said they are committed to completing the Britannia redevelopment. They want the homes to be ready as soon as possible, especially the 51 social rent properties.
Discover the benefits of guaranteed rent in Hackney
If you have a look at the most popular neighbourhoods in London, you’ll notice a few of them are in Hackney, including Shoreditch and Hoxton. It’s one of the most vibrant parts of the city, offering great nightlife, top restaurants, green space, shopping opportunities, culture, and good transport links. All of this makes it an area where people want to live, resulting in consistent demand for homes.
The popularity means prices in various parts of Hackney are very high now. However, there are still some great opportunities for investors. If you worry about voids and problems with tenants, you can also choose schemes to give you stable rental income. We’re well placed to help with this, arranging guaranteed rent in Hackney and many other areas in London.
So, if you have questions or want more details about the benefits, speak to us.
