Affordable housing developer Pocket Living has teamed up housing association Optivo to enter the shared ownership sector by sharing accommodation within its Addiscombe Grove scheme in East Croydon.
The 21-storey tower, which contains 100% affordable housing and is located near East Croydon train station, will now contain 112 one-bedroom apartments delivered by Pocket and 41 shared ownership apartments delivered by Optivo. The scheme is set to complete in March 2020 after Croydon Council’s planning committee gave the development unanimous consent in November 2017 following an increase in the affordable housing offer from 12% to 100%.
Pocket Living acquired the site at 28-30 Addiscombe Grove in Croydon in March last year and has outlined plans to create one of the tallest schemes in the UK to be built using off-site construction. Last year, Pocket struck a deal with Khan for £25m of City Hall funding to support building of 1,059 new homes, with more than a third of those using modular construction.
Marc Vlessing, Pocket Living’s chief executive, said: “Pocket Living is proud of its commitment to affordable housing. We chose to partner with Optivo because they share this vision. Our development on Addiscombe Grove represents a significant long-term investment in the borough’s affordable housing provision and will provide a range of genuinely affordable homes for local people.”
Paul Hackett, chief executive at Optivo, added: “We’re really excited to have signed this deal with Pocket Living and are looking forward to delivering much-needed homes in the borough. At Optivo, we’re passionate about playing our part in tackling the housing crisis so we’re thrilled to be delivering new homes within this amazing scheme at Addiscombe Grove.”