L&Q sign deal to deliver next phase of Aylesbury Estate

The development deal has been signed for site seven of the regeneration scheme, which is expected to include proposals for up to 277 new homes on what is one of the largest regeneration schemes in Europe.

The first phase of the development would include 147 homes, of which 48 would be made available for social rent, 27 for shared ownership, and 72 for sale on the open market.

The regeneration scheme was set back two years ago when private finance initiative (PFI) funding was withdrawn from regeneration schemes across the country. "Despite a downturn in the economy, Southwark Council has been wholly determined to press ahead with ambitious plans for Aylesbury Estate," the Council said.

"Lessons have been learnt from previous large-scale projects, and the council will continue to listen to residents and look to London and beyond for tried and tested best practice," it said.

Before building can start on site, the existing blocks are planned to be demolished in early 2013 and completion of the homes is planned for 2015. A consultation will be held by L&Q tomorrow, ahead of it submitting a formal planning application to the Council.

Interested bidders had to satisfy a requirement for a minimum 50% affordable units, 75% of which would be for social rent, and a minimum of 30%, across all tenures, to have three bedrooms or more. The thresholds were set to help the Council meet its commitments to building more affordable and social rented homes and to address local demand, it said.
 
Demolition of existing blocks is expected to start in early 2013 with homes completed by 2015.
L&Q also developed the first homes to be completed under the regeneration scheme, which are now being filled with residents.

L&Q was the development partner of Southwark Council for the first phase of the regeneration scheme. Those homes are now completed and most of the homes are occupied.