March 29, 2010
The developers of 259 City Road, British Waterways, Groveworld and Miller Developments, are pleased to announce that work has started on-site to deliver the first phase of the build at this key waterside redevelopment scheme in Islington.
Designed by Bennetts Associates Architects, one hundred affordable housing units, including a mix of one, two and three-bedroom flats, will be built over the next two years, with completion scheduled for February 2012.
The mixed tenure units will be managed by affordable housing provider, Family Mosaic. Half of the homes will be available to purchase through a shared ownership scheme, and the remaining 50 homes will be made available through Family Mosaic as rented accommodation.
James Lazarus, Director of 259 City Road Limited and British Waterways’ Head of Property Development South said: “It’s great to see the area around City Road Basin in Islington coming to life again. This is a fantastic waterside location that makes the most of its position next to the historic Regent’s Canal. The commencement of building is a great sign that the masterplan for the area will be delivered, bringing significant benefits to the area and its residents.
“This is a further phase in the project at 259 City Road, which will be delivered by February 2012, by which point we hope that we will also be working towards the completion of the other phases at City Road Basin. The work here complements the public realm works already completed, opening up the Basin area to the public and continuing the rejuvenation of this corner of Islington”
Dick Mortimer, Group Director of Development at Family Mosaic said:
“I am delighted to be part of this major regeneration project in City Road which will culminate in a superb development in an excellent location. Family Mosaic and the Homes and Communities Agency have worked extensively to kick start this project by both providing funding to enable the affordable and private sector development. This partnership will not only see the start on site of 259 City Road, but will also help to drive the further phases of the project forward”.
259 City Road is part of the wider redevelopment of this area of Islington, which was commenced in 2001 by Miller Developments and British Waterways and was subsequently informed by the masterplan developed by the London Borough of Islington, Groveworld, Miller Developments, British Waterways and Fidelity Investments.
In December the City Road Plaza, designed by Bennetts Associates, was opened enabling access to the public open space around City Road Basin, and connecting the new waterside location to the wider network of canal towpaths and cycling routes.
The 15-storey building is the first of three residential towers to be developed at the site, and the works are being undertaken by building contractor Ardmore Ltd, with design managed by Bennetts Associates.