Joint venture partners Hadely and Clarion have acquired the Homebase at Woodgate Drive in Streatham Vale, SW16, for £16m.
The duo are planning a development of 250 homes, backed by an £8.9m loan from ASK.
They have appointed Mae Architects to work up plans for the two-acre site, which will feature a mix of private-sale and affordable homes. A planning application will be submitted in the first half of 2021.
The scheme is the second in the strategic partnership, following the 500-home scheme at the former Homebase site in Goodmayes, Redbridge. Both acquisitions were concluded during lockdown.
Richard Cook, group director of development at Clarion Housing Group, said: “The partnership is focused on the acquisition of unconditional land opportunities across London and the South East where we can develop sustainable and thriving mixed-use communities.”
Steve Kennard, regeneration director of Hadley Property Group, added: “Streatham has seen relatively few new-build schemes brought forward in recent years, which presents a real opportunity for us to catalyse the regeneration of under-utilised sites in this part of London.”
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