Out-Law News | 01 May 2014 | 4:42 pm |
Under the terms of the agreement, the partnership will deliver a 20 year masterplan across the estate. Half of the new homes will be affordable, with 75% of those being provided for social rent and the remaining 25% for shared ownership or equity.
The agreement follows the announcement by Southwark in January that it had chosen Notting Hill Housing as its preferred development partner for the project.
Notting Hill Housing said in a statement that the scheme will help meet the Council’s commitment to building more affordable and social rented homes in a range of sizes to meet housing demand.
Notting Hill Housing chief executive Kate Davies said the agreement marked "the beginning of what will be an extraordinary journey".
“As well as providing much-needed quality homes for the community, we are committed to supporting the economic development of the area. This will be achieved with more than 1,400 employment, apprenticeship and training opportunities in a range of jobs over the lifetime of the project,” Davies said.
Construction on the new homes is expected to start in 2016.