London Square has agreed a £100m deal with the Hyde Group to deliver 337 affordable homes at its Woolwich development.
London Square will provide 190 homes for social rent and 147 for shared ownership, representing a 49% affordable provision by habitable room for the scheme. Hyde’s acquisition has been supported by grant funding from the GLA’s affordable homes programme 2021-26.
London Square’s Woolwich development will deliver 700 homes on a 4.49-acre site in addition to new shops, community space and affordable workspace.
Adam Lawrence, chief executive of London Square, said: “This is a significant milestone for London Square securing our largest affordable housing transaction to date and helping to deliver 337 affordable homes in a well-connected part of the capital. Hyde’s long-standing commitment to London and the GLA’s support through the accelerated funding route have been critical in enabling this transaction to happen.
“It demonstrates what can be achieved when developers, registered providers and public partners work together with a clear focus on delivery. We are now well underway in the delivery of this triple tenure project which will provide homes that reflect the breadth London’s housing need – for sale, for rent and a range of affordable properties.”
Jaime Buckley, development director at Hyde Group, added: “We’re delighted to be working with London Square and the GLA to deliver these homes, which will give more Londoners access to genuinely affordable housing. This project is a great example of how we’re partnering with others to build high quality, environmentally and socially sustainable homes, in thriving communities.”
Tom Copley, deputy mayor for housing and residential development, said: “This exciting development at Woolwich will deliver hundreds of much needed affordable homes, boosting a popular area that has lots to offer residents. The mayor and I are delighted we could support this with funding from his affordable homes programme and it’s a great example of how providers, developers and public bodies can work together to deliver housing for Londoners. I look forward to seeing development take shape, as we continue to build a fairer, more prosperous city for everyone.”
