Notting Hill Housing Trust has been confirmed as Southwark Council's preferred development partner for the regeneration of the Aylesbury Estate.
The decision, taken by the authority’s cabinet this week, follows an 18-month procurement process to find a partner for what the borough bills as “one of the most ambitious regeneration projects in Europe”.
That process was sparked by the coalition government’s cancellation of a £181 million Private Finance Initiative-funded scheme to regenerate the Walworth estate in 2010.
Notting Hill Housing Trust chief executive Kate Davies said the Aylesbury Estate was “an area of extraordinary potential”.
“We're excited about this potential, about developing a vision for the area with the people who know it best – the residents, the Creation Trust, the council and their team – and delivering that vision through our team’s combined experience of leading transformation across the capital,” she said.
“We will bring our creativity, expertise, and financial strength to this partnership and reconnect this community with the city to which it belongs.”
Southwark said that the project would see a net increase of 1,800 homes across the whole regeneration site, in line with the Area Action Plan, resulting in a total of 4,200 units.
The deal with Notting Hill requires it to provide a minimum of 50 per cent affordable homes, 75 per cent of which should be for social rent and the remainder shared ownership or shared equity.
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched