Abbey Wood set for £85million regeneration
ABBEY Wood is set to receive an £85million regeneration boost, including a Sainsbury’s supermarket, a hotel and around 200 homes.
Property developer and investor Development Securities has joined forces with Berkshire Investment Capital and Gallions Housing Association to transform a 10-acre derelict industrial site adjacent to Harrow Manor Way and Felixstowe Road.
Sainsbury’s has signed up to create a store with a sales area up to 46,000 square feet.
The so-called Cross Quarter scheme also includes around 220 private and affordable homes, an 80 to 100-bed hotel, a nursery, a public square and 5,000 square feet of space for start-up businesses.
Pedestrian routes would be improved to link to shopping and businesses and strengthen the whole Abbey Wood area.
Development Securities estimates the project would generate £125million locally in the next decade and, once completed, will create more than 500 full and part time jobs.
During construction alone, 400 jobs would be created.
The companies will consult with residents and business, with events due to be announced shortly, and aim to submit a planning application towards the end of the year.
Steven Glancy, of Berkshire Investment Capital said: “Our vision is to transform the site, which has been neglected for a number of years, into a high quality and visually attractive shopping, living and working environment that benefits the whole community.
“We see this as a real opportunity to push regeneration forward in Abbey Wood, and act as a catalyst for further investment, ahead of the new Crossrail station being built.”
Thamesmead and Erith MP Teresa Pearce said she had met the developers and was pleased investment was coming to Abbey Wood.
She said: “I have spoken to many Abbey Wood residents about the shabbiness of the area around the station and it is clear that local people want to see it smartened up.
“I am keen to see the new development be the catalyst to make Abbey Wood and in particular Wilton Road and attractive place for local shoppers and commuters.
“If this development is done properly then it will benefit local business and residents and from the discussions I have had so far with the partnership I am quietly confident that this is good news.”