Developer says the BeCA project on the Old Kent Road will have a £130m gross development value
Investor and developer Avanton has formed a joint venture with investor Housing Growth Partnership to build out the 18-storey BeCA tower block in south East London.
Avanton and HGP have signed up contractor Henry Construction, which has already started work to build the Farrells-designed scheme with a gross development value (GDV) of £130m.
Avanton said 40% of the homes in the 262-home tower will be affordable.
The scheme is the first part of Avanton’s 1,400-home Ruby Triangle project on Old Kent Road, which will be spread across 5-acres and Avanton says will have a combined GDV of £730m.
Avanton & HGP want to work on further projects together and deliver 1,000 homes together over the next five years.
Omer Weinberger, chief executive of Avanton, said: “This joint venture will enable transactions of up to £300m over the next five years to deliver 1,000 homes to Londoners.
“Despite challenges affecting the market, we remain very active and believe this year will be monumental for our growth.”
James Hutchinson, investment director of HGV, added: “The BeCA is our first scheme together on journey to delivering 1,000 homes in London through the Avanton partnership. We remain committed to supporting ambitious partners right across the UK and we look forward to seeing the scheme progress.”
It is expected residents will start moving in to the tower block towards the end of next year with the scheme fully completed in the first quarter of 2025.
The homes will include private sale, affordable and built-to-rent units and each will have a private balcony.
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