Willmott Dixon’s development division Regen has reached financial close with Poplar Housing and Regeneration Community Association (HARCA) on the first phase of a £250m transformation of Aberfeldy estate in Tower Hamlets in London, UK.
Phase one of the project includes construction of 105 private sale homes, which are estimated to cost £30m.
Willmott Dixon’s contracting business will start construction work in March 2013 to deliver the housing and retail units over the next two years.
Upon completion, the multi-phase regeneration of the seven-acre Aberfeldy estate will feature 1,176 homes, shops, healthcare and community facilities.
The plans will see the replacement of dilapidated housing and will include new shops and open, green spaces for recreation.
Plans also include a new Aberfeldy Village, which will be designed around a central street hub, featuring transport links to Canary Wharf and central London.
Poplar HARCA chief executive Steve Stride said the company can now start a major programme of investment that will transform the estate.
"It will also create a place that will attract people who’ll want to be part of a vibrant community that has quick access to so many other parts of London," Stride said.
Willmott Dixon residential development business managing director Brian Brady said, "After a lot of work in the planning stage, we can now start on site and help turn what is an exciting vision into reality."
The transformation project has already secured approvals from Tower Hamlets council and Thames Gateway Development Corporation.