Acting on behalf of a joint venture between Arada London and Shaw Corporation, the deal sees 200 homes being acquired by Legal & General Affordable Homes (LGAH) through a new fund targeting social housing opportunities.

The Devonshire Place project is a Purpose-Built Student Accommodation (PBSA) led development comprising 941 bedspaces alongside 200 affordable homes distributed across two high-rise apartment blocks of up to 20 storeys. The site is situated in Southwark and forms an important part of the Old Kent Road Opportunity Area - a strategic regeneration opportunity for the borough.

The deal has been underpinned by a grant funding allocation from the Greater London Authority (GLA). Negotiations with the GLA culminated in the awarding of a substantial grant to the project to support the delivery of a greater quantum of “genuinely affordable” Social Rent housing within a borough needing to address very high housing demand.

Dan Kehoe, director in HDR said: “We are delighted to have supported Arada London and Shaw Corporation to secure a purchaser for this strategically important affordable housing package in Southwark. The challenges in our S106 housing market have been well documented, but solutions are present and the completion of a deal of this scale and nature is a fantastic achievement for all involved.”