Barnet Council has partnered with Sage Homes to design a housing scheme delivering 217 new affordable homes, including 75 extra-care homes.
Sage Homes invested over £46m in the scheme and worked with the council to jointly secure £7m of Greater London Authority grant.
Councillor Barry Rawlings, leader of Barnet Council, said: “The Fosters Estate is one part of Barnet borough’s ambitious housing delivery programme – the largest in the capital. We are building for and with our residents, respectful of our communities and proud of our heritage.
“To achieve this, we know we must work in partnership with residents, whether that’s on community-led regeneration, or co-design of local services, to deliver new affordable homes, new facilities, public spaces and places to be enjoyed by all.”
Under the partnership, Barnet Homes will manage 60 homes at London Affordable Rent on the council’s for people on the borough’s waiting list and continue to manage the entire estate.
Sage Homes will sell the remaining 82 shared ownership homes to part-rent part-buy customers in the local area who cannot afford to buy on the open market. The council is also developing 75 extra care homes on the site of the old Cheshir House.
Tim Mulvenna, chief executive of The Barnet Group, said: “We’re delighted to be working with Barnet Council, the GLA and Sage Homes and Hill to be delivering much-needed high quality homes in Barnet.
“We have worked closely with existing residents on the estate to co-design the new homes, strengthening the community ties and enhancing the surrounding areas. This project further strengthens our home-building credentials.”
Barnet Council said the affordable homes scheme was designed in collaboration with residents, neighbours and local community organisations. The buildings have been arranged to ensure the open, park-like character of the estate is retained and new amenities and community spaces will be introduced.
Mark Sater, chief executive of Sage Homes, said: “Thanks to our innovative partnership with Barnet Council and a significant grant from the GLA, 100% of these homes will now be affordable.
“This project is a great example of the private and public sectors working closely together to deliver affordable homes that will benefit the local community.”