Lambeth councillor Jim Dickson joined representatives from both organisations to mark the start of the scheme, which once complete will create 134 new homes and over 45,000 square feet of commercial space.
The scheme represents a £85 million investment into the area, which will be 50 per cent affordable with 28 homes for London Affordable rent and 38 shared ownership homes. There will be a mix of one, two and three-bed homes and will incorporate a communal landscaped podium deck at the heart of the development and a roof terrace sitting on the 17th floor.
Simon Barry, Peabody’s regional director said: “We are pleased to be developing more high quality homes for the people of Lambeth. This scheme will regenerate an industrial site, creating not only new homes but a new community which will thrive in the new space. The new commercial space will be used for retail or office use and residents will have access to a landscaped podium deck and a roof terrace. We look forward to working on this scheme which reaffirms our social purpose, to create homes for those who need them most.”
Ronan Murphy, CEO of Durkan, said: “Durkan is very excited about the Higgs Yard development and the opportunity to build much-needed affordable homes for the people of Lambeth. We have a strong partnership with Peabody, having delivered a number of successful projects together. We’re very much looking forward to continuing that in Lambeth and maximising the potential of this fantastic development for local people.”
Cllr Jim Dickson, Lambeth Council’s cabinet member for health & social care and a Herne Hill councillor, added: “New homes are hugely needed in Lambeth as in common with much of London we face a significant shortage. So I’m delighted to welcome the beginning of construction on this site in Loughborough Junction which will provide new affordable homes, alongside commercial units and workspace.”