Member Article

Lend Lease partners with L&Q in Elephant & Castle regeneration project

National property and infrastructure group, Lend Lease, has signed a significant master agreement with housing association L&Q, for the management of the affordable housing across its Elephant & Castle regeneration project.

Under the agreement, L&Q will take ownership of the affordable housing to be built at Elephant Park by Lend Lease.

The affordable housing represents a quarter of the development and, whilst the exact number of affordable homes will depend on the final number of units delivered at Elephant Park, it is expected to be around 550 homes.

L&Q has a long track record of operating within Southwark, and is already managing the affordable homes on Lend Lease’s Trafalgar Place site.

This 235-home development is now close to completion, meaning that residents of the first affordable homes on Lend Lease’s £1.5 billion Elephant & Castle regeneration project will move in in the first half of 2015.

Under the new agreement for Elephant Park, half of the affordable homes will be available as a mix of affordable and social rent, while the other half will be available under shared ownership.

Three-bedroom homes will be prioritised for social rent, highlighting Southwark’s current need for high quality affordable larger family homes, while one and two beds will be capped at no more than 50 per cent of market rate.

Rob Heasman, Lend Lease’s project director for Elephant & Castle, said: “By working with L&Q in a master agreement for the Elephant & Castle scheme, we are forming a long-term partnership with an established and trusted registered provider. As an integral part of the delivery at Elephant Park, L&Q has already shown a deep understanding of our vision to create a place full of life in Central London’s new green heart.”

“We look forward to working in partnership with L&Q over the next ten years as we deliver the ongoing pipeline of affordable homes, which will set a new standard for sustainable living in central London.”

This was posted in Bdaily's Members' News section by Ellen Forster .