AEG Launches UK Residential Property Development Project in London, Involving Plans to Construct Over 260 Homes
- AEG has secured planning permission for its first residential site outside the US
- Residential development in Greenwich will have up to 262 units, nearly a quarter of which will be affordable housing
- Development which will be next to The O2, AEG’s entertainment arena in Greenwich
- AEG is exploring delivery options for the development, with a view to start construction in early 2020
AEG Worldwide, one of the world’s leading sports and live entertainment companies, today announced that it has secured planning permission to develop a mixed-use residential high-rise building that will feature more than 260 homes next to The O2 in Greenwich, South-East London. The announcement marks the company’s first foray into residential real estate in the UK.
The Group plans to start construction on the site in early 2020. AEG is now exploring additional delivery options to drive the development forward, with a view to completing construction around 2022.
The development demonstrates the increasing importance of London as a key real estate market for AEG, as well as its commitment to work with local stakeholders and communities, including the Greater London Authority and the Royal Borough of Greenwich.
The 36-story development will offer great views of The Thames river and surrounding areas, and will include up to 262 units, 59 – or 23% – of which are classified as affordable housing.
AEG’s site will have an estimated gross internal area of 320,435 square feet, including approximately a combined 22,500 square feet of commercial space on the ground floor and mezzanine level, as well as nearly 2,000 square feet of flexible space on the upper level.
The Group will deploy its significant real estate expertise throughout all aspects of the
project’s development, demonstrating the breadth of AEG’s business, particularly across the real estate sector.
Alistair Wood, Executive Vice-President of Real Estate and Development at AEG Europe, said: “We are excited to have received planning permission for our first UK residential development, which marks the latest stage of our commitment to London.
“This residential development sits on a key site on the Peninsula, on top of North Greenwich tube station and adjoining The O2. The scheme reflects AEG’s clear vision for The O2, and surrounding area in Greenwich, across the entertainment, sports, retail and now residential sectors. AEG is proud of the positive benefits that we have brought to the area and this residential development further demonstrates the breadth of the business.”
The residential development next to The O2 will be served by world-class transport links including the Jubilee Line, which provides direct access to central London in 12 minutes, and the forthcoming Crossrail project (Elizabeth Line).
The O2 is also connected to central London via superb river services, such as Thames Clippers, the capital’s largest operator of high-speed commuter boats, in which AEG Europe acquired a majority stake in 2006.
AEG currently operates The SSE Arena, Wembley, and owns The O2 Arena, which has already made a significant economic and cultural contribution to both Greenwich and Greater London, supported by the opening of the ICON Outlet, a new premium shopping outlet located in Greenwich, in October 2018.
Headquartered in Los Angeles, California, AEG is the world's leading sports and live entertainment company. With offices on five continents, AEG operates in the following business segments: AEG Facilities, which is affiliated with or owns, manages or consults with more than 150 preeminent arenas, stadiums, theaters, clubs and convention centers around the world, including The O2 Arena, the Sprint Center and the Mercedes-Benz Arenas; AEG Presents, which is dedicated to all aspects of live contemporary music performances, including producing and promoting global and regional concert tours, music and special events and world-renowned festivals; AEG Real Estate, which develops world-class venues, as well as major sports and entertainment districts like STAPLES Center and L.A. LIVE; AEG Sports, which is the world's largest operator of sports franchises and high- profile sporting events; and AEG Global Partnerships, which oversees worldwide sales and servicing of sponsorships including naming rights, premium seating and other strategic partnerships.Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts, AEG entertains more than 100 million guests annually. More information about AEG can be found at www.aegworldwide.com.
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