Construction firm Wates has been signed up to build the second block of the Stockwell housing development.

Wates Living Space Homes secured the £48 million contract for the South London residential development, where work is expected to commence this month.

The new Thrayle House development in Stockwell will start with the demolition of the existing three storey building on the site.

Planning permission for Thrayle House was granted in April this year and sees the construction of the £200 million Stockwell Park regeneration programme conducted by Network Homes.

The development, which was designed by PRP Architects, will see the provision of 177 new homes, with 96 for private sale and 81 for social rent and will also have a community and retail space of 1,358 m2.

As recently as last week, Wates Living Space Homes gave Network Homes the completed Park Heights development, a £28 million contract for a 20 storey Stockwell Park apartment building. The site was previously a 1960s apartment block.

Joanne Jamieson, Managing Director at Wates Living Space Homes, said the company’s role as the Thrayle House developer is built on its strong connection with Network Homes and its ever-present role in transforming the Stockwell Park Estate.

She added that the company fully shares the ambitious vision of Network Homes for the regeneration project, and will be working towards the creation of a high specification, high quality homes development that will be of great benefit to the local community.

Vicky Savage, Director at Network Homes, said that the project is a significant landmark in the Stockwell Park Estate regeneration project and is of great importance to the company, the local community and its residents.

She added that the company is looking forward to working with Wates Living Space Homes who will contribute their top standard of resources and expertise to the project.