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Large London housing association Peabody has agreed a joint venture with a large London-based developer to deliver more than 450 homes in east London.
Peabody will now join forces with London Square Partners to deliver the £300m neighbourhood at the Vulcan Wharf site near Pudding Mill Lane in Newham.
The scheme, which is situated near the Olympic Park in Stratford, will provide 457 apartments in total – 35% of which will be for affordable tenures. These tenures will be shared ownership or affordable rent and the other homes will be for private sale.
In addition to the homes, the 3.4-acre site will include public space and outdoor facilities and 100,000 sq ft of commercial space.
This is the latest partnership between London Square and 60,000-home landlord Peabody, as both are also working together on the regeneration of the former Holloway Prison site in north London. The two have previously completed schemes in Streatham Hill and Caledonian Road.
Award-winning developer London Square was founded in 2010 and has delivered a number of projects across the capital, including in Bermondsey, Streatham and Chigwell.
The Vulcan Wharf development will be on the site of a former soap and oil factory and located where the Bow Back River meets the River Lea. The scheme was given planning consent at the end of last year by the London Legacy Development Corporation and work is set to start in August.
Dick Mortimer, executive director of development and sales at Peabody, said: “We are pleased to be partnering with London Square to be delivering more affordable homes for London.
“Vulcan Wharf is in a fantastic location where people want to live and will provide great quality new homes alongside new green space and connected cycle routes for the local community.”
Adam Lawrence, chief executive of London Square, which runs London Square Partners, said: “Our joint venture with Peabody will provide a formidable combination, with Peabody’s outstanding reputation and track record for providing much-needed affordable homes in London, coupled with our experience for tackling complex sites to develop mixed-use developments, transforming derelict and neglected areas of the capital.”
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