Leading residential developer London Square is expanding into the affordable sector with the launch of housing provider Square Roots – with its first deal agreed in partnership with Hestia, the residential operating platform from the International business of Federated Hermes.
The development – Axion House – is located in Lewisham town centre and will be completed on behalf of Hestia. Building on Federated Hermes’ established design and operational expertise to deliver affordable homes, the site was identified and acquired by Hestia from London Square and will deliver 141 new homes - 116 shared ownership and 25 London affordable rent – as well as commercial space, with landscaped public realm.
London Square obtained planning consent in 2019 and enabling works are currently being undertaken to support the launch of construction work on site in Spring 2021, with the first homes available in early 2024.
The launch of Square Roots shows our commitment to providing much-needed new homes across all tenures in Greater London. Our partnership with Hestia has enabled the scheme to go ahead as 100 per cent affordable homes, which is positive news for the local community and for the London Borough of Lewisham.
The scheme will offer well-designed homes in a well-connected location, either through shared ownership or by renting to people who want to work and live in the capital.
Axion House fully aligns with Hestia’s strategy and our wider approach to responsible investing, enabling us to deliver a scheme that will provide affordable homes and impact positively on the environment and surrounding community. We look forward to working with Square Roots to drive forward this scheme and deliver essential, long-term homes in Lewisham.
London Square already has a delivery pipeline of over £500m in affordable housing in London. Square Roots reflects the continued expansion of the company, which has now completed a decade of development across the capital, evolving to respond to the demands on housing supply in the capital. The affordable brand will sit alongside the company’s three existing divisions, with London Square Developments delivering private for sale homes, London Square Partners focusing on working with the public sector and London Square Works creating vibrant commercial, retail, leisure and community spaces, as part of the company’s mixed-use schemes.
London Square has a £1.2bn land pipeline of 2,353 homes and has plans to more than double it to £2.6bn through further acquisitions. The company achieved its best sales results in its 10-year history in its latest annual results.