Stanhope has signed a new £200 million joint venture deal with Network Homes to regenerate a large light industrial site next to Southall railway station. The scheme will be built by the JV's construction partner Laing O'Rourke and work is scheduled to start on site in early 2019.
The 350,000 sq ft development will feature a mix of Build to Rent, market sale and around 180 homes for shared ownership and 'affordable' rent. In addition, 20,000 sq ft of retail/commercial space will be developed, including flexible work space for local small businesses and start-ups.
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The JV represents the first stage of the strategic alliance between Network Homes and Stanhope to deliver new residential-led schemes in London.
David Gooch, Commercial Director at Network Homes, said: "This joint venture is an exciting opportunity to transform a large, poorly-used site into high-quality housing for local people, including a range of affordable homes.
"Crucially, our development will help trigger the major regeneration of a key area of Southall, close to the town centre and Crossrail station."
David Camp, Chief Executive of Stanhope, said: "This alliance between a major private developer like Stanhope and a leading housing association like Network Homes is the only way we are going to solve London's housing crisis by delivering high-quality new homes cheaply and efficiently outside the conventional structures which have failed.
"Our strategic partnership with Network Homes will not only enable us to deliver 550 new homes in Southall quickly and cheaply but also to combine our skills to provide much-needed regeneration and high quality mixed tenure product and service across London."
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