Tucked away in the financial pages is news that’ll have a huge impact in Greenwich – Hong Kong investment firm Knight Dragon has taken sole control of the Greenwich Peninsula redevelopment project, promising it’ll speed up delivery of 10,000 new homes.
Knight Dragon, the vehicle of billionaire Dr Henry Cheng Kar-Shun, bought out its partner Quintain for £186m to take sole charge of Greenwich Peninsula Regeneration Limited, which is in charge of most of the land north of Greenwich Millennium Village.
It’s less than 18 months since Knight Dragon first arrived on the scene, buying out original partner Lend Lease. Since then we’ve seen a more aggressive stance towards development on the peninsula, which resulted in Greenwich Council agreeing to cut social housing levels at Peninsula Quays to zero, as well as cutting the proportion of affordable homes to just 21%.
Just what will happen next is anyone’s guess. But perhaps this move is why Greenwich Council recently acted to protect empty office space by North Greenwich station from being turned into flats.
Incidentally, I wonder what Dr Cheng thinks of the plummeting cable car usage figures? Here’s a wild bit of speculation – could he end up taking it off TfL’s hands?