Astir has announced that it has exchanged contracts with Tesco for the purchase of a 3.98-acre site in Lewisham.
The acquisition will aim to expand Astir’s portfolio of residential-led mixed-use developments. Tesco will continue to trade on site and serve the local community throughout the redevelopment process.
Astir plan to deliver a residential-led scheme including a new purpose-built Tesco superstore and extensive commercial space. The residential element will offer first-class amenities and the wider development will deliver significant public realm improvements – including the retention and enhancement of locally listed Eagle House and the restoration of the Ravensbourne River to provide a sustainable public realm for residents and the wider community.
Bounded by Lewisham Road and Conington Road, the site benefits from excellent transport links with London Bridge and Charing Cross directly accessible via Lewisham Railway Station using DLR and national rail mainline routes. Lewisham Shopping Centre is also within short walking distance.
Travis Crawford, Partner at Astir, said: “We are delighted to be working with Tesco to bring forward these exciting proposals to deliver much-needed new housing for rent in Lewisham, grounded in our focus on exemplar placemaking and sustainability.
“The redevelopment proposals will continue the successful regeneration of Lewisham town centre and we look forward to working with the London Borough of Lewisham to bring this exciting development forward.”
Marcus Vinnicombe, UK Property Acquisitions Director at Tesco, said: “We are excited to be working with Astir to deliver a new vision for our Lewisham superstore and look forward to serving customers locally for many years to come.”
The Lewisham scheme presents the next step in Astir’s entry into the London residential market following on from its West Hampstead Central development.
Tesco was advised by Savills. Further information on the proposed scheme will be released in the coming months.