INDUSTRY NEWS

Tower Hamlets gives Ballymore consent to build.

The London Borough of Tower Hamlets has given developer, Ballymore, planning permission for a new development in the Royal Docks.

The scheme is residential–led, will feature a 45-storey twisting tower and 2,600 units constructed by its subsidiary group, Clearstorm.

David Brophy, group chief executive of Ballymore, said: ‘We have spent over 20 years in the area from the City to City Airport and it has become universally accepted that London East is in a unique situation economically."

Once completed, the development will be the first new lock and marina built on the Thames in 50 years, Property Week has reported.

The scheme will replace the former London Arena, which was demolished in 2006 after it failed to make money.

The value of residential commercial property is reported to now be worth more than commercial property, the Association of Residential Letting Agents (Arla), has said.

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