Advised by Levy Real Estate, Danescroft has sold a residential scheme in Bromley-by-Bow with planning consent to affordable housing provider, Guinness Partnership.

The site received full planning permission in September for the creation of 491 new homes and 38,000 sq ft of flexible community and workspace. Matt Sharman, the Head of Levy’s Residential Investment & Development team, comments: “This purchase underlines the demand from housing associations for larger sites with planning consent which enable them to create homes at a price point which suits Help to Buy purchasers” .

The site adjoins another site acquired by Guinness earlier this year and together they constitute a combined space of more than 900 new homes. Guinness and Danescroft claimed that the combined scheme will help the regeneration of the wider Bromley-by-Bow South area.

Dominic Fryer, director of Palmer Capital-backed Danescroft, said: “The sale of the land to Guinness has been the culmination of five years’ hard work working closely with the London Legacy Development Corporation and other stakeholders”.