Hill, the award-winning top 20 UK housebuilder, and Hanover, one of the largest specialist providers of retirement housing in the UK, have announced a 50:50 joint venture partnership which will deliver 72 new homes in Newington Green, North East London.
The £25.7m development is the third joint venture to be announced by the partners and will create a multi-generational community in an eclectic part of the Capital. The 32 properties available for private sale at Newington Gate will be designed to suit first time buyers whilst the 28 affordable rent homes will be developed exclusively for the over 55’s. Newington Gate will also bring 12 shared ownership homes to the local area, meaning 56% of the new homes on the site will be affordable.
The project builds on the success of Hill and Hanover’s previous joint venture developments in North and East London. The partners previously delivered 159 mixed-tenure homes at Woodside Square in Muswell Hill along with 29 apartments available exclusively to over-55s at Quadra in London Fields and 43 extra care dwellings at Clapton Common.
Work has already started on the site, which sits on the border of the London Boroughs of Hackney and Islington on Matthias Road. As part of Hill and Hanover’s proposals, a five-storey block will be replaced with 72 much needed new homes as well as a community resource centre and three retail units.
Paul Jordan, Regional Director of Hill, comments:
“We are delighted to be working with Hanover to deliver another joint venture project together in London. Developing underutilised land is key to delivering much needed homes across the Capital and we are proud that 56% of the homes at Newington Gate will be affordable. Multi-generational living has numerous benefits for both younger and older residents, and whilst it is growing in popularity across London, developers have a responsibility to encourage this where possible by providing suitable housing.
“Newington Gate is perfectly positioned for first time buyers and over 55’s alike, the surrounding area has a village-like charm whilst vibrant bars, coffee shops and restaurants are just a short walk away in Dalston. Residents will also benefit from excellent transport links as Canonbury and Dalston Kingsland stations are a short walk from the development, with the former offering direct services to Westfield Stratford and the Queen Elizabeth Olympic Park in under 15 minutes.”
Claire Anderson, Director of Development at Hanover said:
‘‘Hill is an award winning and trusted housebuilder, with whom we have already worked on a number of new developments in London with. We are delighted to be collaborating with them once again. This will help us deliver much needed high quality, affordable housing and a great new space for the local community.
“As one of our primary locations for new properties, Newington Gate brings further investment in the Hackney area, creating 72 new high quality apartments. Once complete, these well-designed and spacious homes will be set amidst beautifully landscaped areas that will enhance the environment well beyond the boundaries of the site.”
Sales at Newington Gate are expected to launch next year, with the first homes expected to be complete in summer 2020.