PETALING JAYA: Innova, a partnership between RMS (England) 2 Ltd (a United Kingdom subsidiary of IJM Land Bhd, the property division of IJM Corp Bhd) and Network Rail Property, will develop eight strategic sites across four London boroughs – Brent, Camden, Islington and Westminster.
The sites in Central London and its inner suburbs, are positioned above or adjacent to railway infrastructure. They collectively hold the potential to deliver up to 3.55 million square feet (sq ft) of development, encompassing a mix of housing, life sciences, student accommodation, and various commercial uses such as offices and logistics. About 1,600 new homes could be created, with an estimated gross development value exceeding £3 billion (RM17.8 billion).
IJM entered into the Innova partnership with Network Rail Property last year with the objective of developing mixed-use schemes on brownfield land. Building on the success of the Royal Mint Gardens project, where IJM Land delivered a 150-metre deck above the Docklands Light Railway lines at Tower Hill, IJM Land is now embarking on the final phase of the 650,000 sq ft over-rail mixed-use project, which has already delivered 36% affordable housing.
Innova is set to replicate this success with eight new sites following in the footsteps of Royal Mint Gardens. Detailed infrastructure and enabling design works are under way. Consultation and engagement with key stakeholders and planning authorities on the regeneration schemes will occur throughout 2024, with enabling works and over-site construction scheduled to begin after planning approvals.
In a press statement, Network Rail Group property director Robin Dobson said: “This is another milestone in our continued investment into delivering infrastructure-led regeneration projects in the capital. These are complex sites, and working together, we are bringing forward locations that have previously appeared undevelopable. With the blend of IJM Land’s and Network Rail Property’s experience, we have ambitious regeneration plans for multiple sites in this partnership.”
Meanwhile, IJM Corp group CEO and managing director Lee Chun Fai said “We are fully committed to this partnership and are embracing the opportunity to work closely with Network Rail and stakeholders across London. Our experience in delivering challenging rail interface projects positions us well to maximise the potential of these sites. As urban centres worldwide increasingly prioritise transit-oriented development, our projects not only respond to the demand for more integrated and accessible urban spaces with a priority on housing, but also contribute significantly to economic revitalisation and sustainability.”
