A project offering 72 new homes have been launched in Newington Green, north east London.

A 50:50 joint venture (JV) between Hill and Hanover, the £25.7m development is the third JV to be announced by the partners, intended to create a “multi-generational community” in the capital.

The 32 properties available for private sale at Newington Gate will reportedly be designed to suit first time buyers, while the 28 affordable rented homes will be developed exclusively for the over-55s. Newington Gate will also bring 12 shared ownership homes to the local area, meaning 56 per cent of the new homes will be affordable.

Work has already started on the site, which sits on the border of the London Boroughs of Hackney and Islington on Matthias Road. As part of Hill and Hanover’s proposals, a five-storey block will be replaced with the 72 new homes, as well as a community resource centre and three retail units.

Paul Jordan, regional director of Hill, commented:

“Developing under-utilised land is key to delivering much needed homes across the capital and we are proud that 56 per cent of the homes at Newington Gate will be affordable.

“Multi-generational living has numerous benefits for both younger and older residents, and whilst it is growing in popularity across London, developers have a responsibility to encourage this where possible by providing suitable housing.”

Sales at Newington Gate are expected to launch next year, with the first homes hoped to reach completion in summer 2020.