Galliard Homes, Cain Hoy and ARV Investments have paid over £15m to buy up the half acre “London Octopus” site near the Chiswick Roundabout in Hounslow, with ideas to create a residential-led development.
Previous owner, commercial developer London & Bath Estates, had planned a rather controversial £120m 50-metre tall office tower, festooned with media screens to make it the biggest electronic billboard in Britain, which became known as The London Octopus. L&B’s idea didn’t come off, though, despite some interest from overseas corporations in the office building solution, “due to competition from existing office provision locally.”
Galliard is now eyeing up a resi-led project – the “Tricorn Tower” – to help out with West London’s short supply of new housing, and will be putting in detailed plans to Hounslow council this autumn.
Stephen Conway, Chairman & Chief Executive of Galliard Homes: “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.”