L&Q acquires 642 homes at Berkeley’s Kidbrooke Village
L&Q has acquired 642 homes from Berkeley at Kidbrooke Village, in the south east London borough of Greenwich.
The homes will be a combination of shared ownership and London affordable rent.
Berkeley’s £1bn regeneration at Kidbrooke Village will comprise a total of 5,000 homes of mixed tenure, with additional retail, community and leisure facilities. The development sits in 136 acres of parkland and open space.
L&Q has acquired 642 homes from Berkeley at Kidbrooke Village, in the south east London borough of Greenwich.
The homes will be a combination of shared ownership and London affordable rent.
Berkeley’s £1bn regeneration at Kidbrooke Village will comprise a total of 5,000 homes of mixed tenure, with additional retail, community and leisure facilities. The development sits in 136 acres of parkland and open space.
The deal builds on the first partnership between Berkeley and L&Q, which was agreed in November 2018, to deliver the 765-home New Riverside Development in Reading.
At the start of the year L&Q reported a £150m shortfall against its surplus target. At the time group finance director Waqar Ahmend said: “While market conditions remain tough and we continue to be more selective about new business opportunities, the strength of our balance sheet and our ability to service debt means that our long-term ambitions are unchanged.”
L&Q subsequently ditched an £82m deal to acquire 245 affordable flats at HUB’s Abbey Wood development. However, it has committed to completing more than 2,900 homes in the year, and starting 5,500. This is the most significant acquisition the housing association has announced to since the review. L&Q declined to share the acquisition price.
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