London Square has finalised the acquisition of the former Electrobase site in Crayford, South East London, on which it intends to deliver a new £180m residential scheme.
The developer acquired the 7.19 hectare former factory site from Skillcrown and Purelake NewHomes for an undisclosed price, with planning for the proposed development secured last month.
The scheme, which will be London Square’s first tenure-blind development, will provide 559 new homes – 240 of the homes will be shared ownership and social rent, with the developer’s own registered provider Square Roots responsible for the affordable element.
Adam Lawrence, chief executive of London Square, said: “Our latest acquisition shows our commitment to Greater London to provide much-needed new homes in Crayford. This will be our first site where one team will be looking after all customers, whether affordable through Square Roots or private for sale, demonstrating our ethos that we will provide everyone with a high quality home and service, irrespective of tenure.
“We are delighted that the site now has full planning permission and we will be pressing ahead to deliver an attractive, well-connected place where people will want to live, helping to transform this area of Crayford for the existing local community and businesses.”
