London Square has made a £100million agreement with the Hyde Group, which will see the delivery of 337 affordable homes at its Woolwich development.
The deal is London Square’s largest affordable housing transaction to date and will provide 190 homes for social rent and 147 for shared ownership, representing a 49% affordable provision by habitable room for the scheme.
Hyde’s acquisition at Woolwich is supported by grant funding from the GLA’s Affordable Homes Programme 2021-26.
London Square’s Woolwich development is a triple tenure scheme delivering 700 homes in total. Work at the 4.49-acre site is now underway, and the final scheme will also include new homes, shops, community space and affordable workspace surrounded by public realm, aiming to bring a new focus to Woolwich High Street and the town centre. Completion is expected in 2029.
The partnership with Hyde follows London Square’s recent agreement with Quadreal, a global real estate investment, development and operating company, to deliver 241 Build-to-Rent units at Woolwich.
The scheme also incorporates a sustainable, energy-efficient design, featuring central air source heat pumps, high performance building fabric and optimised glazing that minimises energy demand and emissions. A fabric-first approach also contributes to a 76% reduction in regulated carbon emissions across the masterplan.
Adam Lawrence, chief executive of London Square, said: “This is a significant milestone for London Square, securing our largest affordable housing transaction to date and helping to deliver 337 affordable homes in a well-connected part of the capital. Hyde’s long-standing commitment to London and the GLA’s support through the Accelerated Funding Route have been critical in enabling this transaction to happen. It demonstrates what can be achieved when developers, registered providers and public partners work together with a clear focus on delivery.”
“We are now well underway in the delivery of this triple tenure project which will provide homes that reflect the breadth of London’s housing need – for sale, for rent and a range of affordable properties.”
Jaime Buckley, development director of Hyde Group, said: “We’re delighted to be working with London Square and the GLA to deliver these homes, which will give more Londoners access to genuinely affordable housing. This project is a great example of how we’re partnering with others to build high-quality, environmentally and socially sustainable homes, in thriving communities.”
Tom Copley, deputy mayor for housing & residential development, said: “This exciting development at Woolwich will deliver hundreds of much-needed affordable homes, boosting a popular area that has lots to offer residents. The Mayor and I are delighted we could support this with funding from his Affordable Homes Programme, and it’s a great example of how providers, developers and public bodies can work together to deliver housing for Londoners. I look forward to seeing development take shape, as we continue to build a fairer, more prosperous city for everyone.”
