Hundreds of affordable London homes in pipeline as part of £276m scheme
A housing developer, owned by FTSE 250 firm Vistry, has bagged a £276m scheme to build 739 new homes in Colindale, North West London.
Countryside Partnership was named as the preferred developer by the Greater London Authority (GLA) and the Mayor’s Office for Policing and Crime (MOPAC), who are bringing the scheme forward.
Some 60 per cent of the homes built will be affordable and construction will start in 2025 with a 2030 finish date.
Partnerships will build on the last two sites which was formerly the Hendon Metropolitan Police training centre and driving school in Colindale, turning it into five buildings housing 739 new homes and a handful of recreational spaces.
Tom Copley, the deputy mayor for housing and residential development, Greater London Authority, said: “Building more of the genuinely affordable homes that Londoners need is a top priority for the Mayor, who last year successfully met the ambitious target of starting 116,000 affordable homes across the capital.
“I am proud to partner with Countryside Partnerships as we provide more of the homes Londoners desperately need and continue building a fairer and more prosperous London for everyone.”
Vistry’s share price climbed over two per cent as investors responded to the news.
The firm is on a rebound after it cut 200 jobs back in October and said it would focus on affordable housing after a volatile housing market eroded buyer demand.
In a trading update published earlier this month, the housebuilder said pre-tax profits for 2023 were ahead of its previous guidance and in line with last year at £418m.