Plans to provide dozens of affordable homes on a derelict site in Lewisham have been unveiled by developer Southern Grove.
Part of a £25 million housing scheme, the 39 apartments in New Cross will be available at either London Affordable Rent or for purchase through Shared Ownership.
Affordability issues are particularly acute in London, with many key workers, young families and those on lower incomes being priced out in recent years. In Lewisham, the average price of a flat or maisonette is £353,339, well above the UK average of £204,849.
The design-led scheme, called Eckington Yard, is the latest in a series of fully affordable projects announced by Southern Grove as part of its ambition to use ‘intelligently structured land deals to boost the supply of high-quality affordable housing in and around the capital’.
The project will comprise 18 one-bed, 17 two-bed and four three-bed apartments on the site of a former branch of Plumbase at 52-54 New Cross Road.
Each unit will boast dual aspect views over the capital and residents can enjoy a short 10-minute walk to both New Cross Gate and Queens Road Peckham Overground stations.
The scheme, designed by Dowen Farmer Architects, is split into three sections of varying heights, ranging from five to 11 storeys to lessen the impact on surrounding buildings.
The New Cross area is a focus for urban renewal, with the New Cross Gate Trust currently working in partnership with the local community and Lewisham Council to deliver regeneration in the area.
Southern Grove has recently exchanged contracts on the site and will be submitting a full planning application this month.
Tom Slingsby, chief executive officer of Southern Grove, comments: “As a fully affordable project targeting key workers, Eckington Yard is going to set a high bar for other developers to follow.”
“The striking design of this scheme means it will be one of the leading architectural lights of a wider regeneration that is going to grip this area of London over the next few years. Families and workers on lower incomes all over the capital are desperately in need of more high-quality affordable housing and these homes will help more of them remain where they want to be, in the heart of London.”
He concludes: “The lack of affordable homes in London represents a clear danger to the capital’s ability to house, in an inclusive way, huge sections of the workforce who have a hand in its success and resilience.”
This post has originally been featured in Property Investor Today.