Tom Copley, The Deputy Mayor of London for Housing and Residential Development, took part in the first topping out for London Square’s affordable provider Square Roots, marking an important milestone in its plan to deliver 3,500 homes over the next five years to help address London’s housing shortage.
The centuries-old ceremony of celebrating the progress of a building nearing completion took part at Square Roots Lewisham in Silver Road, in the heart of Lewisham town centre, where 100 per cent affordable homes are being built – 141 in total. The topping out took place just nine months after Square Roots achieved Registered Provider status. Square Roots now has 1,000 homes now under construction across five London boroughs.
Tom Copley helped to lay a topping out plaque on the roof of the 16-storey building, assisted by London Square Group’s Chief Executive Adam Lawrence and Square Roots Managing Director Barbara Richardson.
“I was delighted to join Square Roots and London Square for the topping out ceremony in Silver Road, a 100 per cent affordable housing development in Lewisham town centre part-funded by City Hall. This scheme will deliver 141 new affordable homes fit for the 21st century, supporting our aim to continue building a fairer and more prosperous London for everyone.”
London Square and Square Roots is working closely with the London Borough of Lewisham, and investors Hestia, the residential operating platform from the international business of Federated Hermes, with a capital commitment for the project of £61.6m to build the new homes on the 1.2 acre former warehouse site. The scheme is playing a vital role in growth plans for the area, delivering 141 beautifully designed, exceptional affordable homes, a mix of London Affordable Rent and Shared Ownership, set in landscaped gardens, with play areas and a communal terrace, plus riverside public realm. There will also be 4876 sq ft of commercial space. The first homes will be available from March 2024.
The expansion of Square Roots represents more than £0.5bn investment, with more starts on site in the first nine months than any other for-profit registered provider – demonstrating the appetite by institutional investors for this new operating model to deliver affordable housing.
Square Roots aims to secure funding of £1.5bn capital to deliver 3,500 new affordable homes over the next five years to help address London’s housing shortage. Although established by London Square, Square Roots remains independent, with a separate board and governance in place. London Square is acting as developer, working in partnership with Square Roots and institutional investors.
In addition, Square Roots is also working with the GLA as an investment partner and has secured £50.3m of grant funding on its first six projects. The ambition is for Square Roots to be delivering affordable homes across all London boroughs within the next decade to help ease the housing shortage.
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