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March 30, 2022updated 27 Jul 2022 5:28pm

Construction of Bishopsgate Goodsyard scheme in London to begin in 2024

The mixed-use project would see Bishopsgate Goodsyard being transformed into a new £900m urban scheme.

Bishopsgate Goodsyard Regeneration, a 50:50 joint venture between Ballymore and Hammerson , has plans to begin construction of the Bishopsgate Goodsyard scheme, in London’s Shoreditch, in 2024.

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The developer signed the Section 106 agreement, clearing the final planning hurdle for the regeneration of Bishopsgate Goodsyard.

The mixed-use project would see Bishopsgate Goodsyard, located on London’s city fringe, being transformed into a new £900m urban scheme, reported Construction Enquirer.

This ten-acre scheme will feature 500 news homes, of which 50% will be marked as affordable, and 1.4 million square feet of workspace.

Designed by architect FaulknerBrowns, the masterplan features an elevated public park located on top of restored historic railway arches.

Representing the final stages of the planning process, the Section 106 agreement formalises the approval given to the plan in late 2020.

This plan had secured approval from the London Borough of Tower Hamlets , the London Borough of Hackney, Network Rail , Transport for London (TfL), and the Greater London Authority , reported The Construction Index.

The JV will now commence detailed designing and preparations, to begin site enabling works. It will also work with Network Rail on a delivery and phasing plan.

This project will also feature over six acres of public space, which is 25% more than the proposed original plan that was first submitted in 2014.

The car-free scheme will have new pedestrianised streets through the site, with a new east-west street built.

This scheme will also include two new culture and arts buildings, with one in Hackney, and Tower Hamlets, respectively.

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Internet of Things set to transform the construction industry

The Internet of Things (IoT) is proving hugely beneficial to the construction industry, allowing different assets and people to be monitored and accounted for across a traditionally fragmented industry. As a result, companies that invest in IoT now promise to make long-term gains in the industry. According to GlobalData forecasts, spending on IoT in construction will reach $9.6bn by 2025. For an industry that has large sites to manage, strict project timelines, hazardous working conditions, and tight profit margins, IoT can create a manageable view of construction sites for project managers, streamline operations, and protect workers. In addition, it allows real-time data streams of assets, automates time-consuming tasks, and ensures employee safety and productivity. IoT integration with equipment manufacturing also has rich advantages for asset monitoring sensors. This, combined with artificial intelligence (AI) can help forecast materials and workers needed during the procurement stage and assist in forecast financing. Read GlobalData’s whitepaper to find out more, including information on:
  • IoT value chain
  • Market size and growth forecasts
  • Mergers and acquisitions
  • Leading IoT adopters in construction
  • Specialist IoT vendors in construction
Don’t get left behind – find out how IoT can fortify your operations and make investments now.
by GlobalData
Enter your details here to receive your free Report.

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