Lend Lease buys land to build $545m residential and retail project in London

3 August 2014 (Last Updated August 3rd, 2014 18:30)

Lend Lease is set to build a new $545m residential and retail project in South London.

LL

Lend Lease is set to build a new $545m residential and retail project in South London.

The company has already purchased a site in Deptford, SE8, from City & Provincial Properties for the project.

The move is part of Lend Lease's plan to expand its London housing, and it has already received planning approval to build more than 3,100 London homes over three years.

The brownfield-listed site is a zone two plot of land that is located at the centre of the London Borough of Lewisham's strategic regeneration zone.

Around 905 mixed-tenure homes and 158,000ft² of retail space will be developed as part of the project.

The scheme has been brought forward by architect HawkinsBrown, which will be retained by Lend Lease.

"Deptford is an area of London that will see a remarkable transformation over the next few years, drawing on its rich heritage and excellent transport links." 

Lend Lease Group Europe COO and CEO Dan Labbad said: "We have secured a strong residential pipeline in the capital."

"By recycling a number of mature assets we have released equity in order to reinvest in regeneration areas such as Elephant & Castle, Stratford City and now Deptford.

"Deptford is an area of London that will see a remarkable transformation over the next few years, drawing on its rich heritage and excellent transport links.

We are delighted to be a part of Lewisham's regeneration plans, which will deliver substantial economic and environmental benefits to this exciting riverside area of South London. We look forward to working with the council and the community."

The project will add to Lend Lease's portfolio of urban regeneration projects in England, including the £1.5bn regeneration project in Elephant & Castle, which will create 3,000 homes, and the £1.3bn commercial district at Stratford in the Queen Elizabeth Olympic Park, which will create 333 new homes.


Image: An ariel view of the housing site in Deptford, SE8, in South London. Photo: courtesy of CoStar.