The investment arm of IKEA has bought 13-acres of residential ground to develop 1,500 homes, plus offices and warehouses for the creative industries.
Inevitable flat-pack jokes aside – this is a massive acquisition. The Estates Gazette’s ever-insightful Paul Norman reports (link below) that this is the biggest deal since Westfield took up the Stratford City site.
The area in question is Sugar House Lane – a stretch you can walk down if you get off the bus at Abbey Lane – towards Bow.
Right now it looks like this. Not pretty – but with one of the many local canals cutting through it, a bit of a clean up would make it a very nice place to live indeed.
Not to mention the added excitement of briniging some more creative talents to the area. Not that we’re desperate for it, of course – the legendary Three Mills Studios is just down the road.
It’ll all add up to the area becoming the ‘Covent Garden of the East’, writes Paul:
Sugar House Lane and Three Mills are currently the focus of a masterplan exercise by the London Thames Gateway Development Corporation with Newham Council aimed at creating a “Covent Garden of the East” in the area. Existing planning policy for the area as a whole designates a “sympathy for local heritage, maintaining industrial capacity and the potential for family housing as key factors”.
Especially pleasing for the writer of this very blog – I live over the road. Great news!