Rotherhithe to be rebuilt

Barratt Developments, which is currently burdened by a debt of £1.7billion and is struggling to thrash out a refinancing deal, announced last week that it would axe 1,000 jobs, about 15 per cent of its 6,700 staff.

But despite these economic pressures, Barratt East London has started work on its Maple Quays development in Surrey Quays Road, close to Canada Water Tube.

Planning permission for the building, which will be split into 63 apartments, was granted in January.

And the permission for more homes at Maple Quays on two adjoining sites, comprising 186 and 700 properties, is expected to be forthcoming.

Managing director of Barratt East London Alastair Baird said: “We are delighted to be working to deliver Canada Water, which will transform Rotherhithe and grow into a major asset to the local community and the wider London economy.

“What we are building here is an exciting, dynamic town centre focused on sustainable living, high eco-standards and 21st century community facilities. It’s an incredibly exciting project.”

Barratt is working with Southwark Council and British Land Canada Quays Ltd on the scheme.

The project is part of wider plans for the regeneration of the area, which include the creation of a new library, a civic plaza, leisure facilities, shops, a children’s play area and green space, as well as the 2,000 homes.

But with house prices falling the future is far from certain for developers. With buyers increasing unable to get mortgages to purchase homes all the signs suggest the market is grinding to a halt.

The success of this latest scheme will be tested when the first homes go on sale in September.

For further information about the project or to register your interest in one of the properties, contact Barratt on 020 8522 5555.