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Developer completes acquisition of £180m 550-home scheme
A developer has completed the acquisition of a 550-home site in south east London for a £180m housing scheme.
London Square said it had finalised the purchase of the former Electrobase site in Crayford for its first “tenure-blind” development.
The scheme will provide a total of 559 homes, with 240 for shared ownership and social rent and the remainder for private sale.
Square Roots, an independent registered provider established by London Square two years ago, will be responsible for the affordable element.
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All sales and rentals, whether affordable or private, will be handled by an integrated team in a shared marketing suite.
Planning consent for the site was finalised in August by the London Borough of Bexley. A new riverside walk will be created along the River Cray and the site will be opened up to provide walking and cycling routes.
The 7.19-hectare former factory site on Maxim Road was purchased from Skillcrown and Purelake New Homes, the property companies.
Adam Lawrence, chief executive of London Square, said: “Our latest acquisition shows our commitment to Greater London to provide much-needed new homes in Crayford.
“This will be our first site where one team will be looking after all customers, whether affordable through Square Roots or private for sale, demonstrating our ethos that we will provide everyone with a high-quality home and service, irrespective of tenure.
“We are delighted that the site now has full planning permission and we will be pressing ahead to deliver an attractive, well-connected place where people will want to live, helping to transform this area of Crayford for the existing local community and businesses.”
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