Square Roots, the independent housing provider set up by London Square, now has 1,000 affordable homes under construction across six London boroughs, just nine months after achieving Registered Provider status last year.
The expansion of Square Roots represents more than £0.5billion investment, with more starts on site in the first nine months than any other for-profit registered provider, demonstrating the appetite by institutional investors for this new operating model to deliver affordable housing.
Square Roots aims to secure funding of £1.5billion capital to deliver 3,500 new affordable homes over the next five years to help address London’s housing shortage. Although established by London Square, Square Roots remains independent with a separate board and governance in place. London Square is acting as developer, working in partnership with Square Roots and institutional investors.
In addition, Square Roots is also working with the GLA as an investment partner and has secured £13.6million of grand funding on its first three projects.
Developments are underway in Kingston, Lewisham, Barnet, Tower Hamlets, Bexley and Bromley. Each scheme features high-quality, well-designed homes, mirroring the standards delivered by London Square’s private sale homes.
There are two schemes in Kingston, the first comprising 52 one, two and three-bedroom shared ownership apartments on Crescent Road with homes launching in April, and the second site near Kingston town centre which will deliver 125 homes.
141 homes are in the final stages of construction in Lewisham town centre, offering a mix of London Affordable Rent and Shared Ownership on a former warehouse site. Hestia, the residential operating platform from the international business of Federated Hermes, has invested £61.6million to build the 100% affordable new homes.
The Barnet development will see 244 studio, one, two and three-bedroom homes built near the Welsh Harp (Brent) Reservoir, park and nature reserve, close to Hendon and Colindale tube stations.
Other developments include 133 homes at Islay Wharf in Tower Hamlets, 240 affordable homes at Crayford in Bexley and 95 homes at Beckenham in Bromley.
Adam Lawrence, chief executive of London Square, said: “The ambition is for Square Roots to be delivering affordable homes across all London boroughs within the next decade to help ease the housing shortage. The speed and agility that Square Roots has demonstrated in the first nine months since achieving Registered Provider status shows the appetite for this new model of delivering much-needed affordable housing that combines the integrity of an independent provider, backed by institutional investment and delivered by London Square, using our skills and experience to build exceptional homes for shared ownership and affordable rent.”
Barbara Richardson, managing director of Square Roots, said: “Our impressive spread of homes reflects our determination to become the market leader in the provision of affordable housing in the capital – and the strong relationships we are nurturing with local authorities in Greater London. All our developments are in excellent, well connected locations where people who work in the capital will now have an opportunity to live. While remaining independent, our unique partnership with London Square means Square Roots is providing outstanding homes, backed by first-class customer care.”
