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The 50:50 partnership will build 329 mixed-tenure homes in South Thamesmead, 42% of which will be designated affordable.
Construction is set to begin early this year and is expected to complete in 2027.
The plans have been developed by a design team of Karakusevic Carson Architects, consulting engineer Price & Myers, mechanical & electrical consultant Waterstone Design and landscape architect Turkington Martin.
South Thamesmead’s second phase follows the completion of neighbouring phase one in late 2022. The first phase comprised 534 new homes, a new public square, a library with community facilities, and commercial space for shops, services and cafes.
There are seven phases planned in total.
Peabody project director David Llewellyn said: “We’ve set out an ambitious masterplan for South Thamesmead as part of our wider work to improve neighbourhoods and create new opportunities across the town. Local people will continue to be at the heart of the changes across the town, and we hope they will feel a growing sense of pride and belonging in Thamesmead as this work continues.
“Lovell Partnerships are urban regeneration experts with decades of experience, and we look forward to making the most of this as we take forward this next phase of development.”
Mary Parsons, regeneration & partnerships director at Lovell Partnerships, said: “Forming this joint venture with Peabody for South Thamesmead is hugely important to Lovell – not only to be part of such an exciting and ambitious regeneration scheme, but to have the opportunity to work with a partner like Peabody who have such an outstanding track record in community led placemaking and regeneration.”
The phase two site at the former Binsey Walk is a short walk away from the later phases of development (phases 3 to 7) on the nearby Lesnes Estate. In October 2022 Bexley Council’s approved initial plans for up to 1,950 new homes at Lesnes and up to 3,225 sqm of commercial floor space.
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