Work starts on £160 million London homes development

UK home builder Barratt has started work on the first major residential section of one of London’s key strategic regeneration schemes. The £160 million transformation of Dalston, Hackney, is now under way and when complete will provide a total of over 550 new homes, shops, a library and archive.

Work has begun on the first batch of 250 homes in buildings rising to a maximum of 17 storeys, with the first apartments ready by around June 2009. At the heart of the scheme will be Dalston Square, a major new town centre space around which the new homes, shops and restaurants will be built in a range of striking modern buildings.

Barratt East London managing director Alastair Baird said:

“It’s a tremendously exciting scheme that’s great news for Hackney and inner-London as a whole, and we are delighted to be part of it.”

The company said more than 30 of the new homes were reserved ahead of the sales launch, with interest from the real estate investment sector believed to be high.

Barratt was selected for the project by Hackney Council, the Mayor of London’s office, Transport for London and the London Development Agency.

The majority of homes for sale in the first phase of Dalston Square will be one-bedroom apartments aimed at first-time buyers, at prices from £265,000.