Vistry Partnerships secures £128m contract
Vistry Partnerships secures £128m contract for Legal & General in Wandsworth, London
Leading regeneration business Vistry Partnerships has secured a £128m contract from LGIM Real Assets (Legal & General) to construct 480 new homes on a former Homebase site in Wandsworth, London.
Constructed over five new buildings, the development will also create more than 15,000 sq ft of mixed-use space, with retail, office and community uses. The redevelopment will significantly improve the local area, and existing public realm, providing new play areas, communal spaces, alongside new landscaping and a civic square outside a proposed new station entrance to Wandsworth Town station. The executive architect is Hawkins Brown.
The Homebase site extends the platform of work between Vistry Partnerships and Legal & General: it is the second scheme delivered by Partnerships for Legal & General in London and the third nationally.
The brownfield site presents a range of regeneration challenges; it is bordered by Wandsworth Town railway station, main railway lines into London Waterloo Station, and a dual carriageway.
Construction work has recently commenced and is planned to complete in Spring 2024.
The proposals have been designed to support Legal & General’s New Acres, Wandsworth masterplan which will transform the former Homebase and B&Q sites. The sites are one of Legal & General’s five BTR schemes in London and will deliver more than 1,000 homes, 35% of which will be affordable, as well as over 60,000 sq ft of commercial space.
Stephen Teagle, Chief Executive of Vistry Partnerships, said:
“This significant, mixed-use project will play an important role in providing additional housing choice for the local community. The Build to Rent Sector has a key role to play combatting the nation’s housing crisis, particularly in larger towns and cities, and Legal & General’s Wandsworth combined site will make a major contribution.
“We have established an excellent partnership with Legal & General, creating high quality homes for rent at our previous schemes in Walthamstow and Bristol, and we are looking forward to delivering this exciting new project in Wandsworth.”
Dan Batterton, Head of Residential for LGIM Real Assets (Legal & General), added:
“New Acres, Wandsworth, will be a flagship Build to Rent development in the UK. From taking under-utilised retail space to bringing high-quality Build to Rent homes – the scheme will be centred around lifestyle and resident satisfaction, higher standards of design, service, and asset management, as well as operational efficiency and long-term sustainability. This is a significant urban regeneration project, delivering much needed new homes and bringing brownfield sites back into effective use.
“We are delighted to be continuing the relationship already formed with Vistry Partnerships to deliver New Acres, South and look forward to the successful completion of the scheme in Spring 2024.”