Plans to build 94 affordable homes at £400m Islington Square site
PUBLISHED: 12:58 08 January 2016 | UPDATED: 12:58 08 January 2016
Nearly 100 affordable homes are in the works as part of the Islington Square development, it has been announced.
The £400m, 500,000 sq ft development at the site of the former North London Sorting Centre off Upper Street, includes plans for 263 homes, serviced apartments, retail outlets, restaurants and leisure facilities.
Private investment company Cain Hoy and its joint venture partner Sager Group have now teamed up with Family Mosaic, who will manage 94 affordable apartments at Islington Square.
A total of 35 per cent of the properties will be affordable housing, while 50 per cent will be standard residential apartments - in line with Islington’s affordable housing policy at the time of the application.
Of the affordable homes on
offer, 64 are classified as social-for-rent and a further 30 will be
sold under Family Mosaic’s shared ownership scheme, through
which a resident can purchase a portion of the property.
A selection of one, two, and three-bedroom apartments will be on offer, located in the new-build element of the development, designed by architects CZMG. The building is located at the centre of the site and will face the central boulevard, Esther Anne Place, with its cinema, theatre, gym and retail outlets.
Plans for the private homes, with prices starting at £715,000, were unveiled at a special preview evening last December.
Commenting on the partnership with Family Mosaic, Giris Rabinovitch, CEO of Sager Group said he was “delighted”.
“Housing is the single most important topic in London, so the team at Sager Group are extremely proud of the number of affordable units we will be delivering.”
Dick Mortimer, director of Property Services at Family Mosaic added: “Affordable homes are increasingly vital in areas like this. We look forward to working the Sager Group and Cain Hoy to deliver these much-needed homes to our city.”
Completion of the site is expected towards the end of 2017.
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