House builder Hill and specialist retirement housing provider Hanover have announced a joint venture partnership on a site in north-east London.
The 50:50 partnership will deliver 72 new homes on the Matthias Road site, which sits on the border of London boroughs Hackney and Islington.
Under the proposals, a five-storey block will be replaced with 32 private sale properties targeted at first-time buyers, 28 affordable rent homes developed for the over-55s and 12 shared ownership homes, meaning 56 per cent of the new homes will be affordable.
The £25.7m project will also deliver 550 sq m of retail space across three units and a community resource centre.
The project will mark the third joint venture for the partners, which have previously delivered 159 mixed-tenure homes at Woodside Square in Muswell Hill, along with 29 apartments for over-55s at Quadra in London Fields and 43 extra-care dwellings at Clapton Common.
Paul Jordan, Hill’s regional director, said: “We are delighted to be working with Hanover to deliver another joint venture project together in London. Developing underutilised land is key to delivering much-needed homes across the capital, and we are proud that 56 per cent of the homes at Newington Gate will be affordable. Multi-generational living has numerous benefits for both younger and older residents, and whilst it is growing in popularity across London, developers have a responsibility to encourage this where possible by providing suitable housing.”
Claire Anderson, director of development at Hanover, said: ‘‘Hill is an award-winning and trusted house builder, with whom we have already worked on a number of new developments in London. We are delighted to be collaborating with them once again. This will help us deliver much-needed high-quality affordable housing and a great new space for the local community.”
Sales at Newington Gate are expected to launch next year, with the first homes expected to be complete in summer 2020.