Southwark Council has confirmed Notting Hill Housing as its preferred development partner for the huge task of delivering the rest of the regeneration of the 28.5-ha Aylesbury estate, one of the largest projects the capital has ever seen.
The project will provide 3,500 new homes over the next 20 years, with a minimum of 50 per cent affordable homes, with 75 per cent for social rent, and 25 per cent to be shared ownership or shared equity.
The number of homes will increase from the current 2,400 to 4,200 over the next 20 years, with at least 30 per cent of them having three bedrooms or more. It will also create 1,400 new local jobs and apprenticeships, 350 within the first five years.
Councillor Fiona Colley, cabinet member for regeneration at Southwark Council, said: "Our partner, Notting Hill Housing Trust, shares the council's vision to create a fairer future for the borough's residents and will help us build a new neighbourhood that will deliver not only new homes, but also jobs and amenities for Aylesbury Estate residents.
"I very much look forward to the exciting future ahead for both the partnership and the positive changes we will see in the area."
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched