Muse Developments has sold a tranche of homes at its £230m Lewisham Gateway regeneration to PRS specialist Fizzy Living, as work finally starts on the stalled site.
Fizzy Living is understood to have agreed to pay more than £35m for the 136 one- and two-bedroom flats in two adjoining buildings, over two phases.
The PRP Architects-designed blocks are expected to come to market in Q4 2015 and Q4 2016.
Muse has started on site to deliver the first phase of the long-awaited scheme comprising 193 homes and a new park.
The remainder of the development will be delivered in phases over the next five years.
Muse and Taylor Wimpey were chosen to develop Lewisham Gateway in 2004. They secured outline consent for the eight-acre site five years later before being handed a two-year extension to resolve infrastructure and funding problems in 2011.
Muse bought out Taylor Wimpey in 2012. The Homes & Communities Agency is making a £19.9m contribution to the project.
In total, the town centre scheme will deliver more than 700 homes, 65,000 sq ft of shops, restaurants and commercial space, a new park and public realm improvements.
Savills advised Muse.
Annabel.Dixon@estatesgazette.com
