Galliard confirm they have acquired London Octopus site
New plans have been revealed for a tower block of luxury flats by Chiswick Roundabout on the London Octopus site.
Galliard Homes is to cease the development of the office building that was going to occupy the plot and instead will be submitting a detailed planning application for a primarily residential building this autumn.
Tricorn Tower plan for Chiswick Roundabout
They have released an image of the building planned which shows a triple stack configuration which is different to the images released last year of the 42 storey Gateway Tower. Galliard have yet to respond to our request for confirmation of the likely height of the building in the current plan, but indications are that it will be significantly taller than the London Octopus which would have been 50 metres high.
They have, along with American private investment company Cain Hoy and ARV Investments, paid over £15 million to acquire full ownership of the half acre site from London and Bath Estates.
Galliard say that increased competition in the local office market meant that the London Octopus was becoming a less attractive investment proposition hence the abandonment of the plan in favour of 'premium' residential units.
Stephen Conway, Chairman & Chief Executive of Galliard Homes said, “We believe that a premium residential-led project on this gateway site in West London will be commercially viable due to the continuing lack of new housing being provided across Greater London. The West London economy has emerged from the recession so these are particularly exciting times for Hounslow and Chiswick. There is an ongoing demand for new homes in the capital and so we are looking at devising plans that will meet local needs and assist with the regeneration that is occurring across the whole area.”
Last year Galliard spoke to the trade press about their plans for the site saying that they were going to build Gateway Tower, a 42-storey mixed use development. The scheme would have been almost three times taller than the Octopus at 140m and incorporated 410 flats, a 140-room hotel, 4,170m2 of office space and a five-level spiral basement with 150 parking spaces.
Galliard Group and London and Bath Estates won planning permission for the Octopus, over four years ago. It was to be a five-storey 50 m high commercial building on the elevated site of the M4 with an advertising billboard and LED 'shroud'.
It is believed plans are also being discussed to redevelop the B&Q site on the A406 North Circular Road just next to the former London Octopus site.
June 22, 2015