Plans to deliver dozens of affordable homes within striking distance of the City of London as part of a £22million housing scheme have been unveiled by developer Southern Grove.
The 45 units in Limehouse — a short walk from Canary Wharf — will be a mix of London Affordable Rent and Affordable Shared Ownership in an area of London where high property prices prevent many putting down roots.
Limehouse sits in the borough of Tower Hamlets, where the average cost of a flat or maisonette stands at just under £440,0001. The national average is just £206,0001.
The project is just the latest example of Southern Grove’s drive to transform housebuilding by using intelligently structured land deals to create design-led, fully affordable housing schemes where quality isn’t sacrificed.
The new development — called Quinnat Yard — will take the number of affordable units in the developer’s pipeline to over 700. It will sit on the corner of Salmon Lane and Blount Street in a highly desirable area of the capital, in between Mile End Park and Limehouse Basin, just yards from the Regent’s Canal.
Southern Grove has just exchanged contracts on the site and will now move to a full planning application, expected by the end of the year. Construction could begin as early as the spring of next year.
The eight storey building, designed by On Architecture, will provide Londoners on lower incomes with a fantastic opportunity to live in a highly sought-after area. The scheme is just a five minute walk from Limehouse Overground and DLR stations, is walking distance from the financial district of Canary Wharf.
The local area has been popular with famous names throughout the centuries. Nearby is the 16th century waterside pub, The Grapes, which is co-owned by Sir Ian McKellen and was once frequented by Charles Dickens. A few minutes away is Gordon Ramsay’s Thames-side gastropub, The Narrow. The Rotherhithe and Blackwall tunnels provide easy access to the south of the river, including the Stave Hill Ecological Park.
Tom Slingsby, CEO of developer Southern Grove, commented: “This is another great example of how we’re marrying high-end, design-led development with affordable housing, without compromising on quality.
“There is a chronic need for more affordable housing in London and this development will give dozens of families and young professionals the chance to live right at the heart of one of the most popular areas of the capital.
“This scheme means we have more than 700 affordable units in progress and we’re on track to achieve our goal of expanding that pipeline to 1,000 affordable units by the end of the year.”