Stanhope, Mitsui Fudosan and Alberta Investment Management Corporation (AIMCo) have sold 142 yet-to-developed affordable homes to housing association Peabody from their ongoing redevelopment of the former BBC Television Centre in West London.
The homes, spread across two buildings, will form part of a wider development that will eventually feature 950 homes in total.
UK developer Stanhope, Japanese developer Mitsui Fudosan and Canadian institutional investor AIMCo acquired the Television Centre from national broadcaster BBC in 2012 with a view to developing 500,000sqft of office space as well housing and amenities.
The new residential buildings will replace the existing former BBC multi-storey car park opposite the Westfield London shopping centre.
The joint-venture partners said they would provide 71 London affordable rent, 34 London living rent and 37 homes for shared ownership.
The existing car park will be demolished this year and the joint venture will start construction in 2022, with delivery expected in 2024.
Jonathan Trout, property and commercial director at Stanhope, said: “We are delighted to have exchanged contracts with Peabody and are looking forward to delivering much needed affordable homes for residents in Hammersmith & Fulham.
“Peabody share our long-term commitment for the area and we look forward to bringing forward the next phase of the project in due course.”
Simon Barry, regional development director at Peabody, said: “This represents a fantastic opportunity to deliver high quality affordable homes in an excellent location.
“We have been closely involved through the early stages of design and look forward to working alongside the JV to help create great place to live within a thriving community in West London”.