26 May

London property scheme moves a step forward

London property scheme moves a step forward

The amount of property for sale in London will rise once a regeneration scheme in the east of the city is completed.

In a new development, Wates Living Space has secured contracts to work on the Ocean Estate.

It will engage in two schemes, one of which will cost £38 million and will involve homes being refurbished.

The second, totalling £47 million, will see the company engage in a new-build programme.

As a result of the agreement between Wates and the East Thames Group - which is a housing association responsible for the management of more than 13,500 properties in the area - 467 new residences will be constructed.

Commenting on the project, business unit director at Wates Simon Underwood said: "We look forward to continuing to work with the East Thames Consortium not just to deliver improved homes but to bring lasting community benefits investing in local people and local businesses."

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