Contracts have been exchanged between Dolphin Living and Landsec for the long leasehold of a site in the heart of Soho, London, that will see the development of new affordable homes.
The site, located at 118-122 Wardour Street in the City of Westminster, is almost equidistant between Oxford Circus and Tottenham Court Road underground stations.
Planning permission for a refurbishment project to deliver eight intermediate rented homes was granted back in October 2019, following Landsec’s purchase of the buildings in June 2018 as part of its obligation to provide affordable housing for its Lucent development at Piccadilly Circus.
The development project is set to be completed by mid-2022.
Olivia Harris, Chief Executive of Dolphin Living, said: “We are pleased to be working with Landsec to add much-needed intermediate rental housing in the central London district of Soho. At Dolphin we believe that intermediate housing to rent has a crucial role to play in meeting the housing need of workers who played a crucial role during lockdown and who we will continue to rely upon for the foreseeable future. More needs to be done to support the intermediate rental sector and to deliver a step change in the delivery of new homes for this crucial section of the market. This is prevalent in the context of the recovery phase and longer-term response to the COVID-19 crisis, especially around how we look to attract and retain key workers in high residential value areas.”