Work begins today on a 22-storey residential block in Ruskin Square, Croydon.
The residential development includes 161 homes on the site, which comprises a range of tenures including for sale, shared ownership and rental. The work marks the first phase of large-scale development in the area.
Stanhope and development partner Schroder Property are aiming to start the construction of a speculative office development on the site in the second quarter of 2015.
Eventually the full scheme will have as many 625 homes, 100,000 sq ft of shops, cafes and restaurants and 1.2m sq ft of office space.
Ian Mason, head of UK specialist funds at Schroder Property, said: “Today’s groundbreaking is a further demonstration of Schroder’s long-term commitment to this important development and regeneration of land which has been derelict for more than 40 years.”
