Optivo has agreed a deal with Pocket Living to deliver 100% affordable housing instead of the initial 12% at the Addiscombe Grove development in Croydon.
The scheme is set to complete in March 2020.
Optivo's Chief Executive, Paul Hackett, commented: “We’re really excited to have signed this deal with Pocket Living and are looking forward to delivering much-needed homes in the borough. At Optivo, we’re passionate about playing our part in tackling the housing crisis. So we’re thrilled to be delivering new homes within this amazing scheme at Addiscombe Grove.”
Marc Vlessing, Pocket Living’s CEO, added: “Pocket Living is proud of its commitment to affordable housing. We chose to partner with Optivo because they share this vision. Where other developers may try to minimise affordable housing delivery, we continue to look for new ways to maximise it.
“Thousands of hard-working young people are currently struggling to gain a foothold on the housing ladder in Croydon. Our development on Addiscombe Grove represents a significant long-term investment in the borough’s affordable housing provision and will provide a range of genuinely affordable homes for local people.”
Joseph Wicking said: “I chose to speak at the planning committee for Addiscombe Grove because I wanted to share the demoralising experience of being a hard-working Londoner with no prospect of buying a home in the Capital. I saw the opportunity to make a difference to my community by speaking directly to Councillors on this issue.
“I’m therefore delighted that this scheme from Pocket Living and Optivo has the green light – it will make a real difference to local Londoners like me who would otherwise have no chance of getting onto the housing ladder.”
Deputy Mayor for Housing and Residential Development, James Murray commented: “The Mayor is determined to help first-time buyers in London who are struggling to afford a home, so 100 per cent genuinely affordable developments like this play a crucial role. Turning London’s housing crisis around won’t happen overnight, but innovative off-site construction can help deliver the housing we need fast.”