G.C. Bankside LLP, a 50/50 joint venture partnership between Native Land and Grosvenor, has acquired four sites totalling 46,000 sq ft for £4 million in the Bankside area of the London Borough of Southwark. The sites will be used to deliver some of the affordable housing element of their new residential development, NEO Bankside, adjacent to Tate Modern.
The acquisition of these four sites satisfies just over 50% of GC Bankside’s off-site affordable housing requirements. The new affordable developments will provide one, two and three bedroom apartments and four/five bedroom houses.
Planning applications have been submitted on two of the four sites, with the outcome expected in May 2010. There are plans to submit applications for the two remaining sites in June 2010.
Commenting on the acquisitions, Alasdair Nicholls, Chief Executive of Native Land, said: “The delivery of high quality, well designed affordable housing is an integral element of any new scheme. We are pleased to help address the shortage of affordable family homes in London.”