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A Super-Renovation-Market

A Super-Renovation-Market

26.02.20

Leading UK multi brand, multi-channel retailer, Sainsbury’s and leading international developer Far East Consortium (FEC) are delighted to announce a new working partnership to redevelop the site of Sainsbury’s existing store in Whitechapel, East London. The Whitechapel Square proposal will incorporate a new flagship Sainsbury’s supermarket, a significant number of new homes, retail space for local businesses and landscaped public space that will improve the area for the local community. The 4.62-acre site is situated within the London Borough of Tower Hamlets, adjacent to Whitechapel Road and within close proximity to Whitechapel Underground and Crossrail stations.

Sainsbury’s has been redeveloping sites of existing stores into mixed use schemes to create new homes, provide greater choice for customers and regenerate local communities since 2009. Projects delivered to date, include, schemes at Fulham Riverside, Nine Elms Point and Selly Oak in Birmingham.

FEC UK has extensive experience of leading ambitious and community-led projects. Whitechapel Square is FEC’s third large-scale development to be announced in 2020 following the launch of Aspen at Consort Place and the acquisition of Ensign House, both in South Quay, Canary Wharf.

Kevin O’Byrne, Chief Financial Officer at Sainsbury’s said: “Sainsbury’s is pleased to be partnering with FEC, an international developer with a proven track record of regeneration. We look forward to introducing our revised proposal for our Whitechapel site. We believe our new supermarket, more homes and open public space will enhance the local area and bring significant benefit to the community.”

Tan Sri Dato’ David Chiu, Executive Director and Chairman at FEC comments: “This partnership with Sainsbury’s is a landmark moment for FEC’s international business. The UK arm of FEC is the fastest growing part of the organisation and as such reflects our ongoing commitment to invest in a reinvigorated UK economy.  It’s been our intention for some time to work with a retail partner such as Sainsbury’s, known for its strong British reputation for quality and service to its local communities. The project will deliver a much-needed new supermarket and, crucially, ease the pressure for new homes in the borough. Our recent launch of Aspen at Consort Place and the additional acquisition of Ensign House in Canary Wharf represents a strategic commitment to the regeneration of East London. We understand the vision that Tower Hamlets council is seeking and we’re committed to playing a key role in the borough’s revitalisation.

Chiu continues: “This development is at the early stages but we are confident that our shared vision and shared values with Sainsbury’s will deliver a thoughtful and dynamic development, creating a thriving supermarket and best-in-class residential accommodation.”

The Whitechapel area is steeped in history, culture and diversity. In recent years, the area has benefitted from significant infrastructure redevelopment. The forthcoming Elizabeth Line has seen Whitechapel station receive a multi-million-pound refit.  The Royal London Hospital was also closed and re-opened behind the original site in 2012, welcoming in a brand-new building costing £650m. In addition, Tower Hamlets council has plans to deliver a new Town Hall, replacing the existing old building at Mulberry Place.  Sainsbury’s was advised by Knight Frank’s Residential Development team.

For further information please visit www.fecil.uk

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