Avanton has unveiled first details of THE BeCa, a striking 18-storey tower as the first residential scheme to launch at their Ruby Triangle masterplan on Old Kent Road. Developed in a joint venture with social impact investor Housing Growth Partnership, THE BeCa will provide 262 design-led homes, with 40% of these affordable, as the first opportunity for Londoners to buy in this exciting regeneration scheme.
With a completed GDV of €145.3m (£130m), construction on THE BeCa is well underway, led by Henry Construction. The official off-plan sales launch will be later this Spring, with dressed show apartments available later this year. The first residents will move in late 2024, and the scheme will be fully completed in Q1 2025.
Backed by Lloyds Banking Group and Homes England Housing Growth Partnership (HGP) invests equity alongside regional residential developers and housebuilders to help them grow and increase the number of new homes built in the UK. THE BeCa is the first development on which Avanton and HGP are working together with the shared goal of delivering high quality homes to Londoners. The joint venture partnership aims to work together on future projects and deliver circa 1,000 homes over the next five years.
Omer Weinberger, CEO of Avanton said: “We are delighted to be working with Housing Growth Partnership, this joint venture which will enable transactions of up to €335.3m (£300m) over the next five years to deliver 1,000 homes to Londoners. We have a shared goal of bringing high-quality schemes with thoughtful placemaking to life and this funding partnership will allow us to do so. Despite challenges affecting the market, we remain very active and believe this year will be monumental for our growth.”
James Hutchinson, Investment Director of Housing Growth Partnership commented: “We are delighted to be partnering with Avanton on this development, an anchor scheme for the regeneration of the Old Kent Road which will help transform the community and provide much needed homes for Londoners. THE BeCA is our first scheme together on journey to delivering 1,000 homes in London through the Avanton partnership. We remain committed to supporting ambitious partners right across the UK and we look forward to seeing the scheme progress.”
THE BeCa is excellently connected, with London Bridge and Elephant & Castle train stations nearby. Borough is 15-minutes by bike, and South Bermondsey is 15-minutes by foot. The proposed Bakerloo Line extension would see one of the two new stations right by the Ruby Triangle masterplan, perfect for residents.