Council and property developer agree £290m deal for south London regeneration scheme
House builder Lovell and Greenwich Council have agreed a £290m project that will see two estates in Woolwich regenerated to deliver 766 new homes.
The Trinity Rise development in Woolwich, south London (picture: Lovell)
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The six-year development, which Lovell says has been financed internally, has been given the green light by Greenwich Council and is expected to provide 253 affordable homes, including 177 for affordable rent and 76 for shared ownership.
The agreement extends a partnership between the council and developer, adding to the expansive 13-year regeneration project taking place in the area.
The development will be split into a mix of one to four-bedroom houses and apartments. Greenwich Council has confirmed that it plans to sell them to housing association PA Housing.
The regeneration has also had £8m of Section 106 contributions attached to it.
The new project comes after the local authority and developers have already established a partnership in 2013 to build 1,615 new homes over a 13-year regeneration programme.
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Greenwich appointed Lovell in 2013 as its development partner for the £398m One Woolwich programme, in which another three older estates in the area are being redeveloped.
The first phase, in the centre of Woolwich, has been completed and more than 750 new homes have been built. In total, the redevelopment plan is expected to deliver 1,615 new homes.
Anthony Okereke, cabinet member for housing at Greenwich Council, said: “Our joint Woolwich Estates regeneration programme with Lovell has already delivered 684 high-quality homes including 238 affordable ones at Trinity Walk on the former Connaught Estate.
“I can’t wait to welcome even more residents into brand new homes they can be truly proud of, when Trinity Park and Trinity Rise are finished too. This is a huge opportunity to help us meet demand for housing in the borough.”
Blocks of flats will be up to 13 storeys tall. Demolition work in the area began in July 2020 and it is anticipated that construction will begin in early 2022.
Stuart Gibbons, Lovell’s regional manager director for London and southern, said: “There aren’t many new schemes in London which are building this many family homes.
“The Lovell vision is to create high-quality schemes with a strong sense of place and community. Our approach will ensure the new homes enhance existing connections to local communities, shared facilities, health, transport links and other infrastructure.”
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