Legal & General (L&G) has invested £46m to acquire the affordable homes element of Arada London and Shaw Corporation’s student scheme in Southwark, south London.
Approved by Southwark Council in 2024, the Devonshire Place project will see a former petrol station and derelict industrial site redeveloped into student accommodation with 941 student beds, plus 200 affordable homes, which L&G will acquire.
The plans also include a grocery store, café and other student amenities at ground-floor level, alongside public realm improvements, landscaping, play spaces and extensive greenery.
The scheme will be targeting BREEAM ‘Excellent’ and WELL ‘Platinum’ certifications.
Earlier this month, L&G also acquired 311 affordable homes on the site of the former Hendon Police College in north-west London from developer Barratt London for an undisclosed sum.
Jonathan Seal, chief executive Arada London, said: “Progression from consent to site has become the critical test for London schemes. Bringing L&G into Devonshire Place secures the funding and long-term ownership structure needed to move forward.
“This is about execution, not aspiration. Devonshire Place brings together student living, affordable housing and everyday civic infrastructure in a way that reflects London: dense, mixed and economically active.”
Chris Shaw, chief executive of Shaw Corporation, added: “Devonshire Place is the culmination of years of hard work and detailed consultation with the local community, Southwark Council and the GLA [Greater London Authority].
“To commence such a landmark project will help cement the dynamic change and delivery programme of this major London opportunity area, with the creation of a new community of best-in-class residential housing, student housing and facilities.”
Pete Cross, chief operating officer at L&G Affordable Homes, said: “Devonshire Place is an excellent example of how we are able to work with forward-thinking partners and deploy institutional capital to deliver truly affordable homes where they are needed most.”
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