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UK: Housing association L&Q acquired the affordable homes sector of the Devonshire Place mixed-use development in Southwark for £46 million.
Devonshire Place will feature 200 affordable homes, bought by L&Q’s affordable homes division, and 941 PBSA units. Retail space and neighbourhood amenities are also planned.
Formerly home to a petrol station and vacant industrial site, the scheme targets BREEAM Excellent and WELL Platinum sustainability certifications. Public realm improvements include green areas, child’s play space and comprehensive landscaping.
“Our aim has always been to deliver great quality, environmentally sustainable and affordable homes that people can build a great future from,” L&Q Affordable Homes officer Pete Cross said.
He continued: “Devonshire Place is an excellent example of how we are able to work with forward-thinking partners and deploy institutional capital to deliver truly affordable homes where they are needed most.”
Arada London and Shaw Corporation serve as developers. With funding in place, Devonshire Place will move to its construction phase.
“Progression from consent to site has become the critical test for London schemes,” Arada London CEO Jonathan Seal said. “Bringing L&G into Devonshire Place secures the funding and long-term ownership structure needed to move forward. This is about execution, not aspiration. Devonshire Place brings together student living, affordable housing and everyday civic infrastructure in a way that reflects London — dense, mixed and economically active.”
Highlights:
- L&Q has acquired the affordable housing component of the Devonshire Place mixed-use scheme in Southwark for £46 million through its affordable homes division.
- The development will deliver 200 affordable homes alongside 941 purpose-built student accommodation units, retail space and neighbourhood amenities.
- The scheme targets BREEAM Excellent and WELL Platinum sustainability certifications, with public realm improvements including green areas and landscaping.
- Developers Arada London and Shaw Corporation will now move the project to the construction phase with funding secured.
