Metropolitan will own and manage 150 affordable homes at Aldgate Place – a major new development minutes from the City of London.
A joint venture between Barratt London and British Land, the project will create a new focal point for Aldgate, and play a role in the area’s regeneration.
Metropolitan will be responsible for the affordable homes at the scheme comprising 105 rented and 45 shared ownership properties.
Work on the scheme started earlier this year, with handover of the affordable units to Metropolitan expected between December 2016 and June 2017. As well as boosting the local economy with a 160-room hotel, and extensive space for retail and office use, the residential-led development will include a total of 463 new homes.
Located between the Square Mile and Brick Lane, Aldgate Place is a stone’s throw from two zone 1 tube stations, and a short walk from the DLR and London Overground lines.
Richard Vining, Executive Director Development and Regeneration at Metropolitan, said: “The regeneration of this central London site is a high-profile and exciting project and we’re proud to deliver its affordable housing component. With a wide range of stock, including large family homes of up to three bedrooms, we look forward to helping foster a vibrant new mixed tenure community at Aldgate Place.”
Alastair Baird, Regional Managing Director at Barratt London, said: “The residential-led approach taken with Aldgate Place promises far-reaching benefits for the local area. The development will take a formerly vacant site and transform it into an attractive, open public space, a source of jobs and investment for the local economy – and a home for many hundreds of new residents.”
Nigel Webb, Head of Developments at British Land, said: “The development of Aldgate Place will play a significant role in the wider regeneration of Aldgate and the surrounding area. The forward-thinking approach to creating a new vibrant community including a mix of retail, leisure, commercial and residential uses will help to create an attractive environment and an enduring legacy. We are pleased Metropolitan has invested in the project.”