A derelict site is set to be transformed with new affordable homes as well as a commercial space that will create new jobs.
Network Homes has exchanged contracts to build 100 affordable homes and regenerate a vacant site, which is a former supermarket, in Burnt Oak Broadway.
The new homes will be a mixture of one, two- and three-bedroom apartments.
Seventy-five apartments will be for Shared Ownership, which helps residents buy a home with a lower deposit, 19 for London Affordable Rent, and six for London Living Rent, which is a scheme that supports residents in saving for a deposit to buy their own home.
The development will also include new commercial space which will support new jobs and local businesses.
Working with contractors ARJ, it is expected that the homes will be welcoming new residents in 2023.
David Gooch, Network Homes Executive Director for Development, said “This is a fantastic development which will transform a derelict site into much needed affordable homes both for rent and for shared ownership, offering people their first step on the housing ladder. The new commercial units will also create employment opportunities and support economic growth as we recover from the pandemic.”
Network Homes was advised by solicitors TLT on all aspects of the acquisition.
Shazia Bashir, partner at TLT, says: “This was an exciting transaction which presented many challenges and required expertise from a range of specialists across the various teams at TLT.
“We’re delighted to support Network Homes with this acquisition which demonstrates their ongoing commitment to affordable housing. It’s encouraging to see a continued investor appetite for schemes of this nature in the current climate, when demand for affordable housing is likely to increase.”