Barratt London has agreed the sale of 311 affordable homes at its Colindale Gardens development to Legal & General (L&G) for an undisclosed price.
The homes, which have been acquired by L&G’s Affordable Housing Fund, will be used for social rent and will be developed and managed by L&G Affordable Homes – a registered provider established in 2018 to provide affordable housing options across the UK.
Colindale Gardens is one of London’s largest regeneration projects and will deliver 4,041 homes, including 1,200 affordable homes, when it is fully built out.
Craig Carson, regional managing director at Barratt London, said: “This agreement exemplifies how homebuilders and private sector partners can work together with local government to provide the urgently required affordable homes and funding London needs. Building on our strong existing relationship with L&G, the provision of affordable homes with excellent transport links will help create an inclusive community in a fast-growing London neighbourhood.”
Ali Farrell, senior fund manager at L&G, added: “We are delighted to make this investment into much needed affordable housing in London, delivering on the objectives of our Affordable Housing Fund. This scheme represents the single largest grant enabled social rented affordable housing scheme delivered in London in the last 12 months and will make a meaningful difference to local families in temporary accommodation and social housing waiting lists.”
Ross Houston, Barnet Council deputy leader and cabinet member for homes and regeneration, said: “Affordable housing remains one of the most pressing challenges in Barnet, where demand continues to outstrip supply. The delivery of these new social rent homes at Colindale Gardens represents a meaningful step in addressing that gap. By working closely with partners to accelerate the construction and delivery of genuinely affordable homes, developments like this help ensure more local residents have a permanent home and can put down roots in their community.”
