Developer Knight Dragon describes the project as “the largest single regeneration project the capital has ever seen”, which given the reconstruction of the capital after 1945 is quite a claim. However, at 150 acres it is twice the size of the more recent Kings Cross regeneration scheme.
Approval has been given for the construction of 15,720 homes on the site alongside the O2 Arena (formerly the Millennium Dome), together with with two new schools as well as shops, bars, restaurants, public squares and parkland.
A smaller scheme was originally approved in 2004 but new Hong Kong investor Knight Dragon, which bought into the stalled development in 2012, has bigger plans.
“It's a huge project and a huge responsibility,” said vice chairman Sammy Lee. “Something like this only happens once in a generation in London. We have big plans for the Peninsula and the team, the determination and the finance to deliver them.”
The new masterplan was designed by architect Allies & Morrison.
Knight Dragon already has nearly 3,000 homes under construction, with 700 homes completing this autumn and the first residents moving in this month.
Before and after...