by Natalie Vincent Tue 10 October 2017, 4:41 pm
Waltham Forest Council has purchased its first property as a first step towards building its own investment portfolio.
Progressing its plan to become a "self-funded council", the purchase of the Tramworks site located next to the Former EMD Cinema is expected to attract more new business to what is being called the Hoe Street "Creative Corridor".
The Tramworks is a mixed-use converted former warehouse, comprising 2,010sq m of studio space, an open plan office, a restaurant and residential homes.
It already houses a number of businesses including a recording studio, film companies, graphics and animation companies, yoga studios, branding consultants and publishers.
Councillor Simon Miller, cabinet member for economic growth and high streets, said: "This purchase is the first step in growing our portfolio of investments to help build a sustainable future. The Tramworks is an excellent start and fits our ambitions to grow the local economy and create thriving town centres."
Transport for London (TfL) have named housing developer BLLQ, a joint consortium between Barratt London and London & Quadrant Development, as their main partner for their first housing development project in Waltham Forest.
The housing plan for the 0.72-ha site will see 350 new homes opposite Blackhorse Road tube station, with approximately half earmarked as affordable housing. It is expected to be completed by 2022.
Graeme Craig, director of commercial development for TfL, said: "We are thrilled to be working with BLLQ to deliver hundreds of homes for Londoners with excellent transport links and just a short journey from central London. Half of the homes will be affordable and we’ll also be generating much-needed revenue to invest back into the transport network."
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