Muse Developments and Get Living, two of UK-based real estate developers, have announced to invest up to £252m in the second and final phase of Lewisham Gateway regeneration scheme in south east London.
Upon completion, the regeneration scheme will offer 649 homes for rent, nearly 25,000ft² of retail space, 15,000ft² of food and beverages space, a gym, 10,000ft² of offices and the first major multiplex cinema in Lewisham.
The multiplex cinema has been pre-let to Empire Cinemas on a 25-year lease.
To be operated by Get Living, Lewisham Gateway will also be its third neighbourhood of homes in London. Along with 106 London Living Rent and 424 market rent homes, there will also be 119 co-living homes, the first for the company.
It is located next to Lewisham National Rail and DLR Station and is claimed to offer ample transport connections. Residents can get a direct connection to London Bridge in nine minutes, Charing Cross within 17 minutes and Canary Wharf in 25 minutes.
Lewisham is also claimed to be a future location of the Bakerloo Line extension, which is presently in consultation.
Get Living CEO Rick de Blaby said: “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.
Get Living stated that its investment in Lewisham Gateway is part of its strategy to support the creation of large-scale residential-led neighbourhoods, primarily in the Greater London area.
The project will also take the total number of homes with the company’s management and pipeline to more than 8,000 across four cities.
The development is a joint project between Lewisham Gateway Developments, a subsidiary of Muse Developments, the London Borough of Lewisham, the Mayor of London and Transport for London and is supported by Homes England.
Artist’s rendering of the Lewisham Gateway development project. (Credit: Muse Developments.)