The project, in partnership with Asra Housing Group, will see the demolition and redevelopment of the 1,064-home Connaught, Morris Walk and Maryon Road / Grove estates and their replacement with 1,500 new mixed tenure homes.
Construction work on the 13-year programme for the three estates, which occupy around 12 hectares of land to the east and west of Woolwich town centre, is set to start in May 2014, subject to planning and consultation.
The scheme will create 975 new homes for open market sale, 375 homes for affordable rent and 150 shared ownership homes. All properties will be energy efficient, meeting Level 4 of the Code for Sustainable Homes, Lovell said. Asra Housing Group will be responsible for the management of the new shared ownership and affordable rent homes.
Redevelopment in the borough is boosted by the construction of two new Crossrail stations.
Lovell is the affordable housing division of Morgan Sindall Group, whose chief executive John Morgan said: "We are delighted to have been chosen to work on this regeneration programme after a rigorous selection process. We have a solid record of working with communities to create successful, high-quality and sustainable mixed-tenure neighbourhoods and we look forward to working with all those involved."