Keepmoat to build £50m mixed-tenure development in London's Maida Vale
Latimer has appointed housebuilder Keepmoat to construct a mixed-tenure development of 195 luxury homes in Maida Vale, London.
The £50 million flagship project will see the construction company deliver a range of one, two and three-bedroomed apartments as well as four bedroom duplex units for open market sale, affordable home ownership and social rent in the City of Westminster for Latimer, part of the Clarion Housing Group.
Originally built in the 1960s, the estate was identified as a priority regeneration project in Westminster City Council’s Housing Renewal Strategy in 2010. The existing low-rise blocks will be demolished to make way for the new high quality apartments.
The mix of the scheme is 50 per cent open market sale, and 50% affordable home ownership and social rented homes.
Additionally, 50 per cent of the scheme is being sold back to Westminster by Latimer with around £20 million created from the open market sales will be reinvested to support the remaining estate improvement works, including the remodelling of the 11-storey Tollgate House and community centre to provide 248 homes.
Dan Germann, regional managing director at Keepmoat said: “This project is delivering much more than traditional social housing, it is showcasing our ability to build high-end, mixed tenure, social rent, affordable and private sale homes at large scale, in an area where people genuinely want to live and where homes of all kinds are in increasingly high demand.
“We have a demonstrable track record of delivering large scale regeneration projects in partnership with local authorities and housing associations; and so are perfectly placed to work with Latimer and Westminster City Council on this ground-breaking scheme. We are also committed to liaising with local residents throughout the duration of the build process, to ensure everybody gets the best out of this project.”
Kerry Kyriacou, group director of development at Latimer, part of the Clarion Housing Group, said: “Building for Market Sale is fundamental in enabling us to fulfil our core social purpose.. Each year we invest every penny of our surplus, and more, in the supply of new affordable housing.
“This large-scale project demonstrates our ability to work flexibly to facilitate affordable housing. We are looking forward to working closely with Westminster City Council and Keepmoat to bring forward high quality new homes, community facilities and green spaces in this part of the city as part of what will be a flagship development benefitting not only current residents but also generations to come.”