Network Housing Group has entered into an agreement with Madison Developments Ltd to buy over 100 affordable homes in a new development near Canary Wharf.
The Madison development, managed by LBS Properties, includes a striking 53-storey tower, comprising over 400 new homes, commercial space and a new landscaped park.
The iconic structure will be built by Madison Developments Ltd with LBS Properties as development manager.
Network will acquire 104 affordable apartments comprising of 58 for affordable rent and 46 for shared ownership on floors 1 to 15. The project is expected to be complete in the summer of 2019.
Vicky Savage, Executive Director Development, for Network Housing Group, said: “We are delighted to be able to collaborate with LBS Properties on this exciting new development at Marsh Wall.
“We have ambitious plans to develop a pipeline of a further 5,000 homes within five years. Delivering communities that make the capital an even better place to live is at the core of our approach.”
The site is located on Marsh Wall, approximately 100m from South Quay DLR Station and within a short walk of the Jubilee Line and future Crossrail station at Canary Wharf.
Nick Crawford, Director of LBS Properties, added: “We are delighted to be working with Network Housing Group on what will be one of London’s iconic residential towers. The relationship with Network allows us to provide a tailored solution to help meet the growing demands for affordable housing in an area of London benefiting from significant investment.”