Thursday 8 October 2015

Mansion Global USA seeks overseas investors for Dalston's exclusive new tower block “FiftySevenEast”

On line marketeers Mansion Global, part of Dow Jones, has launched its promotion of “FiftySevenEast - Dalston with a view” - the 15 storey tower development on Kingsland High Street (next to Dalston Kingsland station) now under construction. "East London is about more than hipsters" it says. Its about "looking for a return on investment.Prices start at £470,000 rising to £1,500,000. 


The FiftySevenEast tower was planned to be 19 storeys, as this image shows, but was later reduced to 15 storeys

Mansion Global's mission is to connect "the world's affluent real restate buyers with prestige properties across the globe", and advises that London's East End is "attracting more and more foreign buyers ". Imperial Dragon, who specialise in UK investment for Asian clients, are also marketing the development. 

The new residents targeted for Dalston - as promoted by the FiftySevenEast marketeers

OPEN Dalston opposed planning permission for FitySevenEast because, although huge profit is derived from stacking up the site, the real cost is the detriment to the surrounding area by over development and a failure to confer adequate community benefit.

The development will dominate the High Street, and so diminish neighbouring listed heritage buildings. Like a lighthouse in reverse, it will block sunlight from local homes, businesses and public spaces, and it will create high winds locally.

News article in London's Evening standard. It refers to an OPEN Dalston meeting arranged with London Mayor, to discuss public space, but Boris didn't intervene to improve the scheme.

Dalston's greatest need, for affordable rentals, family homes and children's play areas, are largely ignored. Of 98 flats there will be only14 "affordable starter homes", all in the front block with their own 'poor door', and even those are at prices requiring more than double the average Hackney household income.

Hackney's former Deputy Mayor, Karen Allcock, and Councillor Laing, were employed by the developer's PR company Four Communications at the time when  it was promoting re-development of the site.

The original scheme was unanimously turned down by the Committee after OPEN Dalston's vociferous campaign and 1,300 signature petition. The amended scheme only received planning permission after a special meeting between the developers and the Hackney Planning Committee, at which the public was not allowed to speak. The meeting was called, we were told, to "clear up misunderstandings" which had led to the earlier refusaL.

After approval the FiftySevenEast scheme was then sold on to Taylor Wimpey which had itself won planning permission to build an exclusive gated development on former public land sold by TfL, above the Western Curve railway tunnels , also on Kingsland High Street.  Both schemes are now under construction.

Taylor Wimpey's seven-storey Western Curve scheme, just south of FiftySevenEast, is also now under construction. It is nearly double the height of its neighbours and even some of the new flats are below British Standards.  Hackney Council provided over £1million in public funds to help  make the scheme possible ( Using public money to fund private investment is also known as 'corporate welfare' - Ed).

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