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Deal for £1.5bn estate regeneration signed
Southwark council has signed a £1.5 billion deal with a housing association for the regeneration of a notorious London estate.
Notting Hill Housing has been appointed to carry out the 18 year regeneration, which will see the Aylesbury Estate demolished and 3,500 new homes built on the site.
Half of the new homes will be affordable, with three quarters of these social rent and the rest sold for shared ownership. About a third of the homes will have three or more bedrooms.
Fiona Colley, Southwark’s cabinet member for regeneration, said the project would ‘deliver not only new homes, but also jobs and amenities for the estate’s residents’.
Kate Davies, chief executive of Notting Hill Housing, said: ‘As well as providing much-needed quality homes for the community, we are committed to supporting the economic development of the area.’
The housing association’s partners include Barratt London and a panel of architects led by HTA Design.
Construction of the new homes will start in 2016 and the entire project is expected to be complete by 2032.
Inside Housing reported in January that NHH were on the verge of signing the deal.
