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Development Update The Interchange Developer's Completion Estimate
Developer's Completion Estimate The development completed since the Q2 Development Update.
The developer’s efforts have been focused over the past few months on fitting the apartments’ kitchens and bathrooms. In conjunction with this work, the wooden floors have been laid and once decorations are completed the carpets will also go down. Externally the building is complete, with only the construction of the side entrance path and some landscaping works yet to be finished. The latter includes installing the gardens to a number of the apartments. Whilst this work progresses on the visual parts of the building there is the final installation of some of the systems that will serve the building, each of which needs to be commissioned and fully tested before formal sign off can be given. With work nearing its conclusion we are hopeful that the first of the Notices to Complete will be served in the next four weeks.
Area Update London’s new Mayor, Boris Johnson has announced that the new London Overground Orbital Rail Network (the new name for the East London Line when it reopens in 2010) will feature payment by Oystercard, as part of his commitment to rolling the cashless payment system out to incorporate regional rail travel. The London Overground station at Dalston will be served by 16 trains an hour (in both directions). Barratt Homes has been selected as development partner for a £160 million Dalston regeneration scheme. Dalston Town Centre, will see the development of 500 new homes, a library, new shops and restaurants alongside the new London Overground station, all intended to ensure that Dalston becomes a destination in its own right. At the centre of the scheme is Dalston Square which will be adopted as part of the Mayor’s 100 Public Spaces programme. February Site Update Most of the work to the exterior of the building is now complete and the tower crane that once stood at the centre of the development has been removed. Now that the basement work has been finished, the main drainage runs are being constructed to one side of the building. Once this work has been finished, all that remains of the exterior works is to complete the pathways and landscaping. With the building watertight, progress is continuing apace to the interiors. The apartment outlines that were evident at the time of the last development update are now finished walls and the ceilings and floors are also in place. The developer tells us that work is now concentrating on fitting the bathrooms and kitchens before decoration commences.
November Site Update Good progress has been made since the last update and the supporting framework for the building is now completed. The internal framework has also been finished so it is possible to see the outline of the apartments. The exterior walls of the building are complete except for some minor work but with the scaffold down from most elevations the final appearance of the development is clear. The developer is making the building watertight now in order that work can proceed internally without interruption from the winter weather.
The London Development Agency (LDA) set out plans this month to deliver nearly 58,000 new homes across North London by 2016. The framework includes guidance on the need to provide a full range of health, education and community services as well as parks and open spaces. It is the first step in aligning the regeneration activity of six North London boroughs and bringing together the Department for Communities and Local Government, the LDA, Transport for London and the local authorities. Dalston Town Centre has been identified as one of the key growth locations, ensuring that the area’s regeneration will continue in line with an overarching plan for North London. Hackney Council has published its manifesto for 2012, setting out the lasting benefits that the council is striving to secure for the borough. Hackney will host a third of the Olympic Games area, and the council is determined that this once-in-a-lifetime opportunity should have a lasting positive impact on the borough. The manifesto set out to ensure that the Game’s legacy will provide better public transport, skills, training and job opportunities for local residents and businesses, improved sports and leisure facilities for all, a better environment and a boost for culture and the arts in the area. Construction of the extension to the existing East London line, one of the main catalysts for regeneration in the area, is off to a good start. The replacement of bridge GE19 in Spittalfields got underway this month with the demolition of the existing bridge and in May construction will start on the New Cross Flyover that will carry the new London Overground orbital railway. In addition, Transport for London (TfL) has placed a £36 million order for an extra 36 rail carriages for the London Overground network. The carriages will be built by Bombardier Transportation at their plant in Derby and is in addition to the 44 new trains currently being built for London Overground, which are due to enter service on the North London Railway from 2009 and the East London Railway once open in 2010. The first train will be delivered for testing in December this year. Progress on construction of the first phase of the London Overground Network, the name under which the extended East London Line will operate, continues on schedule. The existing East London line will close on 22 December 2007 for the major extension works, and will be reopening by summer 2010. The London Overground Network is a huge driver for regeneration along its route and house price rises are already beginning to reflect this; increases of 9% over and above the London average have been seen in Dalston over the last 12 months. Regeneration in the area continues apace and development to support the East London Line extension is now progressing. Arup has been named as Project Management firm for the mixed use development at Dalston Lane South, which includes the bus and train station, retail and residential accommodation. Adjacent to the station, a second mixed use development will include retail and residential accommodation, a new public library and will provide the opportunity to link the two sites with a new public open space. 2 bedroom apartments are currently being marketed in a neighbouring development for £340,000, whilst newly built 1 bedroom apartments in the area are typically achieving around £245,000. On findaproperty.com, average weekly rental for a 1 bedroom apartment is £240 per week. 2 bedroom properties neighbouring The Interchange are achieving around £350 per week. July Site Update The building is out of the ground with the building now up to second floor, with work started on the third floor.
March Site Update The Interchange sub-structure is well underway and the building will soon be coming out of the ground.
On 5 September 2006, Ken Livingston announced the transfer of responsibilities to Transport for London and the dawn of 'London Overground' will start the much needed revitalisation of London rail services, bringing the standards of service up to the levels of the Tube and the buses. The Mayor signalled his commitment to deliver a rail link at Dalston Junction to connect the North and East London Railways by 2010, ahead of the London 2012 Olympics. This will allow London Overground passengers to travel between Richmond and West Croydon via Dalston Junction and is the first step towards an orbital rail link for London. On 17 September 2006 it was decided that the main development adjacent to the new tube station will be a mixed-use scheme of homes, retail units and a new library as well as a large public square. This development is key in the regeneration of Dalston. A 2 bedroom / 2 bathroom unit in The Interchange is currently being marketed for resale for £295k. t: +44 (0)845 356 1000 e: info@younggroup.co.uk |
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