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New Greenwich Peninsula plan approved

New Greenwich Peninsula plan approved

A master plan for the £4.8 billion Greenwich Peninsula development has been granted planning approval, despite an increase in the number of homes set to to be built on the site from 10,000 to almost 16,000.The regeneration of the area is centred around the Millennium Dome, which has already been rebranded as the O2, and has fast become a popular music venue for the capital’s concert-goers.The project, which has been put forward by developers Knight Dragon, has caused controversy among local residents, many of whom feel that the large influx of new residents will put too much strain on the community’s infrastructure.However, Hong Kong-based Knight Dragon has promised to improve services to the area as part of its bid. A number of ideas have been put forward, such as a shuttle ferry service similar to the Star Ferry across Victoria Harbour from Kowloon to Hong Kong island.Several of the buildings are set to reach heights of 40 stories, and will include two schools, shops, bars and restaurants. The scheme, which was designed by architects Allies & Morrison, is a major expansion of the plans originally approved in 2004.The project has been beset with regular hold-ups since planning permission was initially granted, so it is hoped that the new version will help to reinvigorate the development.Sammy Lee, vice chairman of Knight Dragon said: “It’s a huge project and a huge responsibility.“Something like this only happens once in a generation in London. We have big plans for the Peninsula and the team, the determination and the finance to deliver them.”Hundreds of the future properties have already been sold off-plan, with costs ranging from £300,000 for a studio to £2.1 million for a penthouse. This has led other campaigners to raise concerns about a lack of affordable housing in the proposal, although 22.7 per cent of the homes will meet the standards required to be classed as affordable by the government. 

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