Catalyst and Galliard Homes have signed a 50:50 joint venture agreement to develop 604 new homes and 18,000ft2 of commercial space as part of the redevelopment of the former Wimbledon dog track in the UK.
The companies secured planning approval for the development in December 2017.
The development will include private residential and shared ownership apartments, as well as a new 11,000-seat stadium for AFC Wimbledon on Plough Lane.
Galliard Homes and a subsidiary of Catalyst will establish the joint venture and manage the construction of the residential units and public realm.
Galliard Homes executive chairman Stephen Conway said: “We are pleased to finally be able to move forward with this exciting development.
“There are so many components to this scheme that will benefit the local area and we are thrilled to have Catalyst on board who really have what it takes to make things happen in order to deliver a ground-breaking number of affordable units in a new residential scheme.”
The joint venture will also provide 177 affordable homes, which is more than 30% of the entire development, exceeding the original 10% statutory amount set by Merton Council.
Both companies will work with the local authority to manage the delivery of the affordable homes portion of the development.
Designed by Shepard Robson and Wilson Owens Owens, the scheme will also involve the delivery of a new fitness facility, retail space and a public piazza.
Ground works will begin in March 2018 and construction is expected to start in autumn 2018.
Completion of the residential units is expected by early 2021.
The main residential sales launch is scheduled for later in 2018. The scheme is currently undergoing a soft-launch period, with marketing suite on site.
Catalyst executive director for property and growth Tom Titherington said: “I am excited to be working with an exemplar developer like Galliard on a great scheme which will create a genuine destination.
“Catalyst’s involvement has meant that the project now has triple the original provision of affordable homes, providing more good quality homes for first-time buyers both through outright sale and shared ownership homes.”