Lee Valley Estates has acquired the former Leyton Municipal Offices site, a Grade II listed building, in a £4 million transaction which was finalised on November 17th.  Facilities for this purchase will be provided by Anglo Irish Bank Corporation, PLC.

The scheme will entail investment in the region of £10 million – creating a substantial mixed-use development, providing new residential, leisure and business space, which will be a major driver in the regeneration of Leyton. Facilities such as a business centre, bar and restaurant are likely to feature in the new development.

It will form part of the permanent legacy of the 2012 Olympics, which will regenerate the wider area of East London, providing new homes, facilities and employment. Lee Valley Estates is leading the development of the site.

At the heart of the development will be the 15,000 sq ft (1,400 sq m) Legacy Business Centre, comprising 24 prestige office suites and studios ranging between 180 and 700 sq ft (17 and 65 sq m). It is expected that professional service providers, such as solicitors, accountants and architects, will be attracted as tenants of the elegant units. The business centre will be developed and operated by Lee Valley Estates’ joint venture partner, Hiltongrove Business Space. It is envisaged that units will be available from autumn 2007.

It is proposed that the residential section of the development could offer 18 units. The flats will be a mix of private homes for sale and affordable homes for local people, let by an established housing association.

In line with the Mayor’s London Plan, the development will make use of the existing transport capacity, with excellent tube, bus and road transport links. The Leyton underground station is only two minutes walk from Leyton Municipal Offices.

“We’re very excited to have acquired this beautiful building and the development will be one of our major projects for 2007,” said Michael Polledri, chairman of Lee Valley Estates.

“We will preserve its wonderful late Victorian features, while transforming it into a prestigious 21st century business centre,” said Guy Davis, Chief Executive of Hiltongrove Business Space.

“The scheme will deliver quality new homes, new leisure facilities and employment for local people,” added Michael Polledri. “It will also provide a prestigious location for the business community, with great transport links. We believe that our development has considerable potential to act as a catalyst in Leyton’s regeneration, ensuring that local people are genuinely able to benefit from the Olympic legacy. We are also delighted to say that we have had wholehearted support for our vision from London Borough of Waltham Forest”.

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For further information, contact Siobhan Crozier on 07831 214352

Notes for Editors:

About Leyton Municipal Offices

• The building was designed by architect, John Johnson, in a competition that attracted more than 30 entries
• Building began in 1894 and was completed two years later
• Most recently used as offices by the London Borough of Waltham Forest

About Lee Valley Estates

• Lee Valley Estates has been established since 1987 to promote economic development throughout the Lee Valley Corridor
• We have strong local roots and local commitment and we are based in the area in which we invest
• We currently provide almost 1,000,000 sq ft (93,000 sq m) of secure and affordable workspace
• Primarily a provider of workspace, we have helped thousand of SMEs to prosper and grow
• London’s changing development priorities mean that brownfield sites are being converted into mixed-use schemes, to serve the needs of communities
• Reflecting this trend, we are increasingly involved in large, mixed-use development schemes, providing homes and community facilities alongside workspace, to support sustainable regeneration
• Our interests focus in two main growth corridors: the Thames Gateway and the London-Stansted-Cambridge corridor

About Hiltongrove Business Space

• Hiltongrove Business Space is a group of companies established in 1994 offering managed workspace in the North East London area
• Our flagship business centre in Walthamstow E17 has helped create over 120 new jobs in the last 5 years and has played a significant part in the regeneration of the surrounding area.