Far East Consortium announces partnership for mixed-use scheme in East London

Far East Consortium annouces partnership for mixed-use scheme in East London
Group photo of both teams-Tan Sri Dato’ David Chiu, Chairman and Chief Executive Officer at FEC (5th from right) and Kevin O’Byrne (4th from right), Chief Financial Officer of Sainsbury ’s

Hong Kong-based Far East Consortium International Limited (FEC) has announced a partnership with UK retailer Sainsbury’s to redevelop the site of Sainsbury’s existing store into a mixed use scheme in Whitechapel, East London.

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.

The Whitechapel Square proposal will incorporate a new Sainsbury’s supermarket, a significant number of residential units, retail space for local businesses and landscaped public space that will likely 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 Elizabeth line.

Whitechapel Square is FEC’s third large-scale development in the UK 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.

READ ALSO : Hong Kong’s FEC acquires Ensign House in Canary Wharf, London

“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,” said Kevin O’Byrne, Chief Financial Officer at Sainsbury’s.

“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.We understand the vision that Tower Hamlets council is seeking and we’re committed to playing a key role in the borough’s revitalisation to represent a strategic commitment to the regeneration of East London,” said Tan Sri Dato’ David Chiu, Chairman and Chief Executive Officer at Far East Consortium.

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.