London Square has acquired a £50m GDV residential development opportunity from NHS Property Services (NHSPS) in Kingston, South West London.
The 100% affordable scheme will be built on the former Hawks Road Health Clinic site and will provide 44 apartments rented at London Affordable Rent levels and 81 apartments available for shared ownership. The scheme received planning consent in September this year.
Dan Hotson, transaction management partner at NHSPS, said: “Not only has the sale of this surplus property generated significant capital receipts for reinvestment in the NHS, it also means an empty site can be brought back into use to provide much-needed new homes in London.”
Adam Lawrence, chief executive of London Square, added: “Our new partnership with long-term investor PIC is excellent news for London Square and Square Roots, enabling us to deliver another 100% affordable scheme, making an important contribution to the housing shortage, and creating homes and communities of the highest quality in a well-connected location where people will choose to live. The scheme will also support the local economy in Kingston, with the creation of jobs during the construction phase and opportunities for apprenticeships and local suppliers.”
Nick Alderman, a partner in the residential land team at Knight Frank, which acted for NHSPS on the sale, said: “This is an exciting development opportunity which will enhance the regeneration of this area of Kingston. As a 100% affordable development, it provides much needed housing to the borough. We are delighted to have disposed of it on behalf of our client NHSPS.”
