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Clarion strikes £90m deal with developer to build 225 new homes
Clarion has agreed a £90m deal with a developer to deliver 225 new affordable homes across two sites.
The 125,000-home landlord has acquired the residential element of the mixed-use sites in Neasden and Staines-upon-Thames from developer London Square.
The site in Neasden, London, will be made up of 121 affordable rent and shared ownership homes to be built by 2022.
The 1.9 acre site will also include 23,239 sq ft of office space under the plans.
In Staines, the partnership will deliver 104 shared ownership homes on the 0.43 acre site, which is to be completed by 2021. The scheme will also include 4,000 sq ft of commercial space, the developer said.
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Clarion will deliver the project with London Square Partners, the developer’s new division which focuses on working with registered housing providers and the public sector.
Earlier this year, London Square Partners teamed up with Peabody over new housing on the Holloway Prison site in north London.
Adam Lawrence, chief executive at London Square, said: “Working with Clarion reflects the increasing need for homes with a range of tenures to be delivered strategically through partnerships.”
In its last financial year, London Square reported a £6.2m pre-tax loss, which it blamed on “market-induced headwinds, coupled with delays from a complicated planning process”.
