Plans for hundreds of new flats in Bethnal Green given green light
PUBLISHED: 14:08 31 May 2013 | UPDATED: 14:09 31 May 2013
Plans for 149 new flats have approved by Tower Hamlets Council after a property developer bought a £14million site in Bethnal Green.
Essential Living purchased two warehouses on the corner of Cambridge Heath Road and Three Colts Lane, and is planning to convert them into trendy flats.
The company hopes to design, build and manage up to 5,000 private rental properties across the capital,
Chief executive Darryl Flay said: “Bethnal Green is a historic part of London and we are confident that its prime location and diverse array of amenities will ensure strong and growing demand for rented homes over the coming years.
“Inner London is severely lacking in quality housing that is affordable to working professionals who fall between social housing and ownership. We look forward to working with Tower Hamlets Council and developing our long term interest in the community.”
The company is targeting ‘twenty-something hipsters’ who have been moving into Bethnal Green in recent years. It hopes the area’s proximity to attractions such as Brick Lane, Spitalfields Market, and the Westfield Shopping Centre, will mean its popularity continues to grow.
Fewer Londoners are able to get onto the housing ladder as property prices continue to soar in the capital.
In the past year alone, average prices have risen by more than six per cent to £375,795.
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