Sainsbury's deal to deliver 463 homes
London & Quadrant has partnered with house builder Barratt to build 463 new homes on a London site owned by Sainsbury’s.
However, only 14 of the homes on the Fulham Wharf regeneration project will be made available for social rent, with a further 52 for shared ownership and none as affordable rent units.
The deal comes just a month after L&Q finalised a £128 million project to build 375 new private homes near Arsenal Football Club in north London, featuring no social or affordable housing.
The 66,000-home landlord said that profit from the Arsenal scheme would be reinvested to fund affordable housing in other parts of the country.
At the time, Jerome Geoghegan, director of development and sales at L&Q, said: ‘Housing associations are currently operating in a very different funding environment where there is a greater need to seek new funding sources via cross subsidy from other activities, in order to maintain the output of affordable homes.’
In Fulham, alongside the new housing, Barratt will build a new Sainsbury’s, replacing an existing store on the site, and other new retail units.
The scheme was granted planning permission by Hammersmith and Fulham Council earlier this year.