Building work is due to begin on the £130m ‘twin towers’ development in Finsbury Park.
City North trading estate in Finsbury Park is being transformed into two 21-storey skyscrapers, which are due to be completed in 2016.
The buildings are to be spread over 9,000 square metres of land behind the Finsbury Park train station, and will house over 300 new flats, as well as shops, restaurants and offices.
The development company City North Islington Ltd, which is part of the Business Design Centre Group, is reaching a deadline set by Islington Council. The Council approved the plans for the towers in 2010 on the condition that building works started within three years.
Dominic Jones of City North blamed the delay on the recession. “We wanted to allow the property market time to recover. We are embarking on this development in challenging times and a regeneration scheme of this scale is a time consuming process,” he said.
Councillor Phil Kelly, who represents Finsbury Park, has said: “It’s very positive and will contribute to the changing face of Finsbury Park, along with other developments like the Park Theatre. It will help transform people’s perception of the area.”
The development was dreamt up by Jack Morris, chairman of City North Islington Holdings and the Business Design Centre Group. Morris said that he wants “to create a scheme for Finsbury Park which we, and the local community, can be proud of.
“It will bring much-needed new homes, business investment, employment and economic growth to what will become one of London’s most exciting and vibrant areas.”
Urban contractor United House have been brought in as a development partner during the build. Jeffrey Adams, group chief executive of United House, said the project “will bring new focus to Finsbury Park”.
Of the hundreds of new properties, fewer than 50 will be affordable homes for local residents. The remaining properties are expected to sell for up to £1 million each.
