Contracts have been exchanged between Bellway London Partnerships and Riverside to create a joint venture, as plans progress for a key regeneration scheme in Camberwell.
The housebuilder was selected by housing association The Riverside Group to work on its existing estate in March 2018. Together they have been developing a scheme, in consultation with residents.
Proposals for the scheme include replacing homes in Canterbury Close, Geoffrey Close and York Close in Camberwell with high-quality new homes built by Bellway. The new development is expected to deliver around 400 homes with 35% offering genuinely affordable rents for all of the existing Riverside households (supported by grant from the GLA). The new development will bring significant improvements to the built environment, reduce over-crowding and improve community safety. New homes built for all current tenants will also meet modern space and energy efficiency standards in accordance to the new GLA standards.
The development was one of the first to go through the new mandatory GLA Tenant Ballot for regeneration schemes with a strong positive vote on a high turn-out.
It is expected that a planning application will be submitted to London Borough of Lambeth council in 2020. Construction will be phased to ensure existing tenants will only move once into their new homes, with building work expected to commence in early 2021.
Cris McGuinness, Chief Financial Officer of Riverside, said: “We are delighted to reach this important milestone with our partner Bellway. This joint venture is a significant step towards meeting Riverside’s commitment to transforming lives and revitalising neighbourhoods. We have put tenant engagement at the heart of our plans to regenerate our London estates and the strong support shown for the development proposals in the tenant ballot was recognition of our approach. We look forward to continue working with Bellway within our new joint venture to deliver great new homes and an attractive and secure estate.”
The project marks a major landmark for Bellway’s newly-formed London Partnerships division, which will work with housing associations and local authorities to fulfil its aim of creating communities of affordable homes in the capital.
Dan Brady, Development Director of Bellway London Partnerships, said: “We are naturally really pleased that contracts have been signed and exchanged between Riverside and Bellway for our joint venture in Camberwell.
“This project will have a direct and positive impact on the lives of hundreds of people. The proposals are set to give residents of Geoffrey Close, York Close and Canterbury Close more spacious, energy-efficient homes. They can rest assured in the knowledge that Bellway is a five-star housebuilder and we are truly invested in the quality of the homes we build.
“The project is an important milestone for the growth of the London Partnerships division which will deliver the wider objectives of the Bellway Group.
“We are now looking forward to working alongside Riverside and the residents to develop the scheme from the planning stages through to the delivery of the new homes.”
Bellway London Partnerships is committed to building high quality, attainable housing which will have a direct and positive impact on the lives of people in London.