The housing association London & Quadrant (L&Q) has announced plans to build a further 200 homes in south London after buying a £150m development site near Wandsworth Town Centre.
L&Q, which is currently in merger talks with two other associations to create the country's fourth biggest housebuilder, said it has purchased Garratt Place near Earlsfield station from Wandsworth Council and South Thames College.
The scheme, which already has planning permission, will create 200 new homes and 26,500 sq ft of new commercial space as well as an improved public library, new shops and refurbished teaching facilities at South Thames College.
Law firm Winckworth Sherwood advised L&Q on the acquisition while Pinsent Masons acted for Wandsworth Council and Eversheds advised South Thames College.
“We are delighted to be playing our part in driving forward one of the largest urban renewal projects in London," Jerome Geoghegan, L&Q's group director of development and sales, said.
"This development supports L&Q’s ambitious plans to develop a pipeline of a further 50,000 new homes within a decade to deliver communities that make the capital an even better place to live.”
Last month, L&Q, The Hyde Group and East Thames announced they were in talks to merge their businesses with the aim of building 100,000 new homes across London and the south east over the next decade.
L&Q is already the biggest landlord in the Greater London region with 72,000 homes under its belt that it either owns or manages.
The association beefed up its portfolio last month by buying Bellway's stake in the vast 11,000-home Barking Riverside regeneration scheme. L&Q will inject £70m into the project to help extend the Overground line to the 179-hectare development site, which will create a new town the size of Windsor.