Bouygues reaches agreement on EUR 718m Canning Town Centre

French developer Bouygues and the London borough of Newham have reached agreement on the development of the £600 mln (EUR 718 mln) Canning Town Centre scheme.

Announced at MIPIM 2012’s London Pavilion, the scheme forms part of the London Borough of Newham’s £3.7 bn Canning Town and Custom House Regeneration Programme. Phase 1 of the six-hectare site will comprise 179 residential units of private and affordable housing, and a Morrisons supermarket of over 7,000 m². Work will start on site during the final quarter of 2012.

The entire Town Centre scheme includes around 1,100 mixed tenure housing units, over 30,000 m² of leisure and retail space and over 3,000 m² of space for community facilities. The whole scheme is scheduled to be completed by 2023.

Jones Lang LaSalle advised the London Borough of Newham on the agreement.