One of the UKs supermarket giants has officially pulled out of its involvement in a Walthamstow regeneration scheme after selling land on to another developer.

In 2013 a deal between Morrisons and Waltham Forest council caused growing concern in the community.

Many residents believed plans by the supermarket to build a new superstore and 248 flats in a 34-metre high development on council owned land would ‘blight’ rather than enhance the area.

Designs were approved by the council in December 2013 but the development was never started.

Now, it has been revealed the supermarket has sold the land on.

However, the regeneration of the South Grove site is still ‘on track’ according to Waltham Forest council after new developers took on the scheme.

 

East London and West Essex Guardian Series:

An artists impression of the Morrisons development in South Grove which will now not go ahead

 

A joint venture between Osprey Equity Partners and Hadley Property Group (both part of LJ Group) has purchased the site close to St James Street Station from Morrisons.

The JV partners, who have developed a number of sites in London and across the UK, will now be developing a scheme for the site which is to be presented to the community later this year.

Councillor Clare Coghill, cabinet member for economic growth and High streets said: “We are pleased to have a new developer on board and the opportunity to revisit the potential of this extremely important site in the heart of Walthamstow.

“This is an exciting opportunity to continue our regeneration of the town centre, and we look forward to hearing more about what the new developers have planned for the site.”

It was not revealed why Morrisons sold the site of for what cost. Morrisons has been contacted for comment.