Homes on £1bn regeneration scheme will be split between shared ownership and London Affordable Rent
L&Q is to buy more than 600 homes due to be built on the £1bn Kidbrooke Village regeneration scheme by Berkeley Group.
Currently being built by Berkeley on the site of the old Ferrier Estate, the Kidbrooke Village development (pictured) will eventually see around 5,000 homes delivered across the 136-acre site, which spans either side of Kidbrooke Park Road in south-east London.
Financial terms of the L&Q deal were not disclosed.
The housing association said 397 of the 642 homes being acquired from Berkeley will be shared ownership and 263 will be offered at London Affordable Rent levels.
L&Q said the homes would be delivered in phases across various blocks, with the first handovers estimated in early 2021 and the final handovers in early 2025.
The units will start to be occupied as soon as they start to handover, L&Q added.
In addition to the near-5,000 mixed tenure homes, Kidbrooke Village will eventually feature shops, a village square designed by Lifschutz Davidson Sandilands, and a hotel.
Vicky Savage, L&Q’s southern regional managing director said: “We are delighted to be working with our partner Berkeley to deliver affordable homes at Kidbrooke Village.
“L&Q and Berkeley have nearly a century of housebuilding experience between them, with a track record of creating successful communities. We are looking forward to playing a part in this flagship regeneration project for London.”
Councillor Chris Kirby, cabinet member for housing at Greenwich council, said: “There is not just one solution to the housing crisis. The council is embarking on its own ambitious building programme, including 750 new council homes and 300 new homes at affordable rent to start on site by 2022, but partnerships such as this between L&Q and Berkeley are also vitally important.
The Kidbrooke Village development, a regeneration partnership between Berkeley Group, Greenwich council and the Greater London Authority, replaces the Ferrier Estate (pictured above), a social housing scheme constructed between 1968 and 1972 featuring 11 12-storey towers and additional blocks of low-rise flats and terraced houses, built using pre-constructed concrete panels.
The Ferrier gained a reputation in its later years as a sink estate for vulnerable or “problem” tenants before demolition began in 2009.
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