Media & News
Specialist real estate investment, development and management firm, announces the practical and financial completion of a 204-unit BTR development or ‘Phase Two’ of Leaside Lock, the vibrant new riverside development in the heart of Zone 2, East London.
The new 28-storey tower, to be known as ‘Riverstone Heights’, will offer a collection of studio, one, two and three-bedroom apartments in Zone 2’s Bromley-by-Bow and will welcome its first residents in the spring. It will be managed in-house by Way of Life, an award-winning, lifestyle focused BTR consumer platform. To reinforce the development’s strong community-feel, Long Harbour will also deliver 13,000 sq ft of shared amenity space which will include a co-working space and rooftop terrace.
Riverstone Heights has been built using sustainable modern methods of construction with the entire façade prefabricated off-site. The concrete panels and windows already being in situ paved the way for a rapid build with limited material waste and transport requirements. Overall, the scheme has achieved the Planet Mark Certification and will consistently target high ESG and GRESB ratings by Way of Life.
Leaside Lock is a key part of the ongoing regeneration of the Olympic Park area, led by the London Legacy Development Corporation (LLDC), which benefits from excellent transport links, with the whole of central London within easy reach, including commercial hubs like Stratford and Canary Wharf. The development is just a short walk from the River Lea, surrounded by independent shops and bars and near to popular attractions such as Westfield and well-known creative hubs such as Hackney Wick and Here East.
The Leaside Lock development is being delivered by The Guinness Partnership, one of the largest providers of affordable housing in England, alongside development manager Danescroft. It will deliver a total of 965 new homes in Tower Hamlets, half of which will be affordable. The transaction with Long Harbour represents a BTR debut for The Guinness Partnership and builds upon the delivery of affordable and open market homes at Leaside Lock.
James Aumonier, Chief Operating Officer and Group Head of BTR at Long Harbour, said
“This is an important milestone for Leaside Lock, a key part of ongoing regeneration of the Olympic Park area. The BTR community will benefit from Way of Life’s outward looking approach which gets behind local, grassroots projects that share our vision for greener, dynamic neighbourhoods.
“This, coupled with a much higher than average affordable homes ratio, demonstrates a clear commitment to the social aspect of the ESG agenda and will contribute to the area’s incredibly diverse community.
“Riverstone Heights demonstrates clear momentum for Long Harbour and our ambitious BTR platform, alongside our JV partners Cadillac Fairview and PSP Investments.”
This acquisition forms part of the firm’s BTR fund, which targets high quality BTR schemes of over 150 units in London, the South East and selected regional cities.
Jon Milburn – Group Development Director, The Guinness Partnership
We are pleased to reach this delivery milestone at Leaside Lock and this handover represents the completion of Phase 1 of the development. This mixed tenure scheme creates a vibrant community and is part of our approach to large-scale mixed-use developments such as Leaside Lock.
Dominic Fryer – Chief Executive, Danescroft
The sale to Long Harbour by Guinness of 204 apartments concludes delivery of the 500 homes within Phase 1 of the Leaside Lock development. This is a huge achievement and one that will be welcomed locally as it sees first stage of regeneration, conceived as part of the Bromley-by-Bow masterplan, becoming a place to live and be rather than simply a vision.