Hyde Group has partnered with London Square to develop a 337-unit affordable housing scheme in Woolwich, south-east London, following a £100m agreement.
CGI of Hyde and London Sqaure’s Woolwich resi scheme, London
London Square will deliver the units on behalf of Hyde Group, whose acquisition is supported by grant funding from the Greater London Authority’s (GLA’s) Affordable Homes Programme 2021-26. It is London Square’s largest affordable housing transaction to date.
The development will include a 49% affordable homes provision, comprising 190 units for social rent and 147 for shared ownership.
The 4.49-acre site forms part of London Square’s wider 700-home delivery site, which is already under construction. Plans will see new shops, community space and affordable workspace surrounded by new public realm. Completion is expected in 2029.
The new scheme will also use a range of sustainability measures such as air-source heat pumps, high-performance building fabric and optimised glazing that minimises energy demand and emissions.
Adam Lawrence, chief executive of London Square, said the deal marked its “largest affordable housing transaction to date”.
“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,” he said.
“We are now well under way 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.”
This follows London Square and QuadReal Property Group partnering in June to deliver a 241-unit built-to-rent (BTR) scheme in Woolwich with a gross development value of £120m.
Jaime Buckley, development director at Hyde Group, said: “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, London 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.”
Earlier this summer, London Square acquired an 800-home residential development site near Earl’s Court in west London.
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