Residential developer London Square’s acquisition of the final three phases of the Royal Mail’s Nine Elms Park sites, with a £400m gross development value, heralds the launch of London Square Living – the company’s new Build to Rent division.
London Square Living, which sources sites and develops them for rentals, has five new BTR sites lined up to deliver more than 1,000 homes, in addition to the Nine Elms Park site where a partnership deal has been agreed with Build-to-Rent pioneer Moda Living on land for two buildings on the site.
The new sites for London Square Living’s BTR division include East Quay, Stratford, where London Square, in joint venture with Peabody, will create a new neighbourhood close to the Queen Elizabeth Olympic Park in E15. The scheme will develop 457 homes offering a mix of tenures, incorporating homes for rent, private sale, and affordable. Alperton Waterside in Wembley, with 356, 320 sq ft of residential space for around 470 homes, has also been earmarked for build to rent, together with private sale, affordable housing and complimentary amenity & commercial uses.
At Nine Elms Park, a total of 756 homes across three sites will be built by London Square, with the BTR element delivered in partnership with Moda Living, with 437 apartments across two blocks ranging from nine to 13 storeys, with private dining rooms, resident gardens, 24-hour concierge, cinema room, co-working spaces with meeting rooms, gyms, sun decks with entertainment and planting zones and children’s play areas.
All of the buildings sit at the heart of the wider Nine Elms Park masterplan, overlooking a central landscaped park.London Square will also deliver 186 private for sale apartments in a striking 22-storey three-sided, bronze panelled building by award-winning architects Allies and Morrison. The scheme, located opposite the US Embassy, is set to be the tallest building in Nine Elms Park, with outstanding river views and will include luxury retail and restaurant space at ground level.
The blocks will also have 103 affordable rent homes, to be managed by Paragon Asra Housing, and 30 affordable build-to-rent homes. London Square will undertake the construction.
The launch of London Square Living follows the establishment of Square Roots earlier this year, the company’s new affordable arm, now with seven sites for over 800 homes, and reflects the continued expansion of the company with over a decade of development across the capital, evolving to respond to the demands on housing supply in the capital.
London Square Living and Square Roots will sit alongside the company’s three existing divisions, with London Square Developments delivering private for sale homes, London Square Partners focusing on working with the public sector and London Square Works, which focuses on creating vibrant commercial, retail, leisure and community spaces, as part of the company’s mixed-use schemes.
Adam Lawrence, Chief Executive, London Square, said: “Nine Elms Park, plus five sites lined up, marks an impressive debut for London Square Living. This demonstrates our continued investment and backing for the capital and the people who live and work here by building homes for rent as well as affordable homes, together with our longstanding track record of delivering exceptional homes for sale, across Greater London.”
Source: Show House News
