The £2.14bn turnover firm has exchanged contracts on a range of studio to three-bedroom homes, the majority of which will be made available for affordable rent
Listed housebuilder Redrow has agreed to sell 249 new-build homes from its flagship London development to Barnet Council.
Contracts have been exchanged on the tranche of properties from the £2.14bn turnover firm’s Colindale Gardens 4,000-home regeneration developments.
In 2020, the housebuilder decided to move its activities away from London amid profit warnings, scaling back its operations in the capital solely to the Colindale Gardens development.
The majority of Redrow homes sold to Barnet Council will be made available under an affordable rent scheme, with the first renters moving in by October 2023 and the remainder from January 2024.
Barnet Council has a target to deliver 1,000 affordable homes in the borough by 2026. It has the second largest population of all London boroughs, with the sixth lowest stock of affordable housing.
“We are delighted to collaborate with Barnet Council in providing 249 new homes for affordable rent,” Paul Muldowney, managing director of Redrow London, said.
“We look forward to seeing our homes become vibrant spaces where families and individuals from all backgrounds are able to thrive.”
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Barnet Council councillor Ross Houston said: “We care for our people and that means providing high quality, affordable housing.
“We have seized this unique opportunity to take a big step forward in our commitment to deliver 1,000 council homes by 2026.
“It represents really good value for money and will make considerable savings on temporary accommodation costs the moment new tenants are able to move in this year.”
The scheme is part of the Colindale Gardens masterplan, close to the RAF Museum, which was launched in 2016 and which will include a new primary school, health centre, shops and restaurants when complete.
The development has a residents-only gym, a concierge service and is close to a four-acre park and Colindale Tube Station.
Redrow built 5,700 new homes across England and Wales in the 12 months to July 2023.
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