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Old Abbey Sports Centre redevelopment gets £50m boost after fund management firm buys site

PUBLISHED: 12:37 14 May 2020 | UPDATED: 12:43 14 May 2020

Aberdeen Standard Investments has bought the former Abbey Sports Centre site and backed its redevelopment to the tune of £50m in funding. Picture: Be First

Aberdeen Standard Investments has bought the former Abbey Sports Centre site and backed its redevelopment to the tune of £50m in funding. Picture: Be First

Archant

An arthouse cinema, affordable housing and healthy ageing centre looks set to be built on the site of a former sports centre.

The news comes after Aberdeen Standard Investments announced it has bought the old Abbey Sports Centre in Axe Street, Barking and is investing about £50million to fund developer Lindhill’s redevelopment of the site.

The development would see 170 homes for rent to include one, two and three-bedroom flats, including 60 “affordable” homes.

Cllr Darren Rodwell, leader of Barking and Dagenham Council, said: “I am glad to welcome this investment in this hugely exciting development.

“It will provide a huge additional boost to the town centre, with affordable housing and, crucially, a new base for Care City to improve health services for our elderly. A new cinema will help with our ambition for a cultural night time economy.”

David Harley from Be First, the council’s regeneration arm, said: “This development will help improve people’s health, provide more affordable homes and bolster Barking’s growing reputation as one of London’s latest creative hotspots.”

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Arthouse Crouch End is expected to operate the two screen Independent Cinema which is set to include workshop space.

Sam Neophytou from Arthouse Crouch End said: “We want to create a cinema for all in our community, which inspires creativity and engagement, celebrates Barking and Dagenham’s industrious past and looks forward to its creative future.”

Robert McDonnell, residential fund manager at Aberdeen Standard Investments, described the project as an exciting build-to-rent development.

“We look forward to delivering an exemplary scheme, which will provide both private and affordable rental accommodation that will be managed by a single entity,” Mr McDonnell said.

He added that the scheme would support economic growth and help to create a thriving neighbourhood.

Lee Fitzpatrick, managing director of Lindhill, said: “Having worked within Barking for a number of years this new build-to-rent scheme is something we are very proud to be part of.

“Working closely with Aberdeen Standard Investments and the council, we feel we have created a new exciting destination development that the people of Barking can enjoy.

“It is through the determination of all the parties involved that this has been successful in its conclusion and we look forward to commencing the development on site within the next few weeks.”


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