Purfleet Centre Regeneration Ltd has instructed Knight Frank Capital Advisory (KFCA) to seek a funding partner to deliver a major new mixed-use multi-phase development in Purfleet-on-Thames in Essex. PCRL is an association of partners constituting of Urban Catalyst, Swan Housing Association and Keltbray. For the £1.3 billion project, Knight Frank is seeking up to £1 billion of residential and commercial equity and debt to fund it.
PCRL aim to deliver a net-zero carbon solution through the Government’s Ten Point Plan and plan to meet the Future Homes Standard targeting a 75-80% reduction in emissions in new build homes by 2025. Swan Housing’s dedicated modular construction factory will be used for the early phases of the development going forward.
Features of the new town centre
Thurrock Council has already granted outline planning permission for the 140-acre site. The development will comprise of a new town centre with retail and commercial space and 2,850 new homes, as well as a medical centre and a primary school. A new network rail station will also be delivered as part of the project, offering a direct 29-minute journey into Fenchurch Street in London.
The scheme will also have approx. 1 million sq ft of space for television and film production studios and the creative industries. In efforts to focus on biodiversity, there will be approx. 50,000 trees are being planted.
The scheme is set to be one of the largest riverside sites located within the M25, as it will occupy 1km of south-facing Thames river frontage.
As of now, design and programme proposals are in place for Phase 1 and 2, with Phase 1A already fully funded and on-site. Knight Frank is seeking equity and debt capital for future phases.
What Knight Frank has said
James Mannix, head of residential development & investment at Knight Frank, commented: “This is a project of enormous scale and significance and, once complete, will totally transform and redefine Purfleet-on-Thames and the surrounding area. Offering one of the longest river frontages of any site located within the M25 and an incredibly exciting creative hub for television and film production, this scheme is completely unique.”
Birju Shah, head of Knight Frank Capital Advisory (KFCA) added: “We are approaching a very limited group of shortlisted candidates with this exciting opportunity. At the end of the process, the selected funding partner will hold an equity stake in some leading industries and sectors – including television and film production and Build to Rent – which will provide interesting long-term profit-making opportunities for the future.”