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With over 60% of the new homes being affordable, the new homes being built by the Group will suit a range of customers with a mix of tenures, including open market sale, shared ownership, London Affordable rent, and London Living Rent. The affordable element will be partially funded through the Mayor of London’s ‘Homes for Londoners’ programme, which aims to use the £4.8bn of grant funding secured by the Mayor to deliver a total of 116,000 new affordable homes in the capital by 2022.
Ten percent of the commercial space – which includes light industrial and office space – will be offered under affordable leases, and the Group will be working with a commercial partner on the scheme. This new commercial space will provide a significant employment boost to the local community. The Group is talking to a specialist affordable co-working operator to provide a local hub for startups.
Southern Housing Group bid competitively for the two sites, which were previously owned by Aitch Group and City & Suburban Homes Ltd.
Oliver Boundy, Group Development Director at Southern Housing Group, said:
“This is our first site acquisition in Hackney Wick and we are very proud of this new opportunity to bring important change to the local community. The Dace Road property represents a strong marriage value of bringing two separate sites together to create a special space for people to live and work, and a valuable opportunity to deliver new affordable homes and new affordable workspace in a key growth area for the Group.”