Muse Developments and Get Living PLC have agreed a £252m forward funding deal for the the second and final phase of Lewisham Gateway, one of the largest regeneration schemes in the South East, London.
Once complete, the scheme will be operated by Get Living and provide 649 homes for rent, c.25,000 sq ft of retail space, c.15,000 sq ft of food and beverage space, a gym, 10,000 sq ft of offices and Lewisham’s first major multiplex cinema which has been pre-let to Empire Cinemas on a 25-year lease.
Lewisham Gateway will be Get Living’s third London neighbourhood of homes. Alongside 106 London Living Rent and 424 market rent homes, will be 119 co-living homes, the first co-living homes for the build-to-rent pioneer.
Get Living’s design team is working closely with Muse on the co-living element to develop well-specified studios and shared space that offer the same level of quality associated with Get Living’s other homes.
“The deal with Get Living PLC is a proud moment for everyone involved with Lewisham Gateway, as it highlights investor confidence in our long-term vision – despite the unprecedented situation we all find ourselves in – to deliver a truly transformational scheme that will drive economic and social prosperity in the heart of Lewisham when it’s needed most,” said Mike Auger, regional director at Muse.
“At Muse, we’re committed to bringing the best of the public and private sector together, to help restart the economy, which will come from our towns and cities, by bringing forward high-quality design, but importantly a purpose at its heart to meet the diverse needs of the community. We look forward to working closely with Get Living and Balfour as the scheme progresses.”
“We are excited to be playing a key role in the next phase of Lewisham Gateway; delivering new homes for rent, alongside retail, co-working and public space for residents and the wider local community. This is Get Living’s third London neighbourhood and sixth nationally and we are committed to delivering real social value for local people. In these challenging times, we believe that build-to-rent is proving to be one of the most resilient real estate sectors, thanks in large part to its customer-first culture and its commitment to supporting community” said Rick de Blaby, ceo at Get Living.