Exchange, Ilford reaches new heights with consent for residential developmentDigital Editor
Meyer Bergman has been granted planning permission for a residential development above Exchange, Ilford – the dominant shopping centre (300,000 sq ft) within the London Borough of Redbridge (UK). The proposal for this scheme will see the development of 214 residential homes, including 30% as affordable housing. Redbridge Borough Council’s Regulatory Committee granted planning permission on 25th May.
Alongside the residential, the development will see 3,229 sq ft (300 sq m) of flexible commercial floor space added, which could include retail, financial and professional services, food and beverage and offices, as well as improvements made to the pedestrian environment, car parking and public realm.
Ilford is fast establishing itself as an upcoming area for home-buyers and investors, with the population set to increase once Crossrail arrives in 2017. Recent research from JLL confirms this1, highlighting Ilford as the top station on the Crossrail line for long-term development opportunities.
The permission follows the continued success of Exchange, Ilford, which has announced a series of retail signings in the last six months. This includes the addition of H&M, which will open autumn 2016, taking 20,000 sq ft (1,858 sq m), Pandora with 1,600 sq ft (148 sq m) and Clintons with a 1,500 sq ft (139 sq m) store. The sustained interest from retailers shows the continuing popularity of the shopping centre, with more people wanting to shop and live in the area.
Mark Gamble, Executive Director Asset Management at Meyer Bergman commented:
“We have over the last 18 months worked with the council to deliver a scheme for the Exchange that we at Meyer Bergman are proud of. Since purchasing the Exchange in 2010, we have undertaken a multi-million pound investment programme with the principle aim of ensuring the centre meets the present and future needs of Ilford’s growing population. This has included repositioning the centre by introducing new retailers such as Next, H&M, improving circulation and refurbishing the interior”.
Meyer Bergman is now shortlisting development partners for the residential scheme.