Central London developer, Braeburn Estates, a joint venture between Qatari Diar and Canary Wharf Group, has delivered what Lambeth Council Leader, Lib Peck, described as ‘the new benchmark for affordable homes in the borough’ at its Lollard Street development.
Through close partnership working between developer and council the innovative ‘off-site’ delivery model has enabled both regeneration of an old council estate and many more genuinely affordable homes to be built, including 4 bedroom townhouses, which are to be retained by Homes for Lambeth. Overall, Braeburn has been able to deliver one and a half times as much affordable housing in total by using the off-site location, as well as delivery on-site.
The delivery model, which has focussed on the available developer subsidy being 100% allocated to construction costs, has also released sufficient funds to complete a new purpose built school building and play space for the Ofsted rated ‘Outstanding’ Ethelred Nursery and Children’s Centre, for local residents. Rolling out this model across London could deliver many more genuinely affordable homes to be owned and managed by local authorities, in addition to a range of wider public benefits.
Lollard Street delivers the first social homes by Canary Wharf Group and Qatari Diar, with the Zone 2 development composed of 89 residences, a nursery and children’s centre, communal gardens and public realm improvements. The scheme replaces a problematic car park block, which had fallen into disrepair and was attracting anti-social behaviour, with new pedestrian routes and public open green spaces between buildings.
In addition to the homes at Lollard Street further affordable units are also being delivered on-site at Southbank Place, York Road, where 98 extra care and intermediate rent apartments are due for completion at the end of 2019.
Braeburn Estates shouldered all construction and regeneration costs/risks with Lambeth Council celebrating taking handover of the completed project at an event on 18th January 2019, attended by Howard Dawber, Managing Director Canary Wharf Group, Tariq Al Abdulla, Chief Development & Project Delivery Officer at Qatari Diar, and Lib Peck, Leader of Lambeth Council.
Commenting on behalf of Braeburn Estates at the handover ceremony, Tariq Al Abdulla, Qatari Diar Real Estate Investment Company, said: “Today is a major milestone for the Southbank Place project, as we complete this collection of exceptional new homes for Lambeth. It has always been a key goal of ours to ensure that our developments provide exceptional places to live, enhance the surrounding area, and benefit the local community.”
Sir George Iacobescu, CEO, Canary Wharf Group, said: “We are delighted to complete the 70 homes at Lollard Street and to hand the project over to Homes for Lambeth. From the outset we promised to deliver affordable homes that are of the highest standard both inside and out, providing a better quality of life for residents. This project is proof that by working closely with the local authority, developers can go above and beyond expectations to deliver more of the type of homes our community really needs. I would like to commend Lambeth Council for their innovative approach which has resulted in significantly more affordable housing being delivered.”
Lambeth Council leader, Cllr Lib Peck, said: “The Lollard Street development is a fantastic example of us working with developers, through the planning system, to provide the council-level rent homes we need to help tackle our housing crisis. By agreeing to allow the developer to build off-site from the Shell development in Waterloo, we managed to revive this neglected site and secure many more family-sized social rented homes than the 17 proposed on-site units which would not have met local family needs.
“The result is the fantastic, modern development of high-quality new homes that we see today; these properties, which will soon provide homes for scores of families, will be the new benchmark for affordable homes in our borough.”
Lollard Street’s residential offering comprises one sixteen-storey tower block, one seven storey tower block, four four-storey blocks and fifteen three-storey townhouses. The high-quality homes include beautifully designed one and two-bedroom apartments, as well as four-bedroom family houses.
The buildings and interiors have been carefully arranged to enhance natural light and increase space, additionally offering outdoor space for every home in the form of balconies for apartments and gardens for the townhouses.
The interiors of the homes employ the features and characteristics synonymous with newbuild design, setting the benchmark for modern, affordable housing. Clean lines, open-plan areas and rooms have been designed to a high-specification, incorporating contemporary fixtures, fittings and integrated appliances, which work together to create a feeling of luxury and a comfortable, new place to live.
The homes at Lollard Street will be offered exclusively through Lambeth Council’s subsidiary Homes for Lambeth. For more information on Lollard Street visit www.lambeth.gov.uk or www.southbank-place.com for the wider Southbank Place development.
For further information, please contact:
Canary Wharf Group plc
T: 020 7418 2166