London Square has purchased the Leegate Shopping Centre in South East London from Galliard Homes, paving the way for a major residential-led regeneration scheme.

The vacant 1967-built shopping centre, acquired for an undisclosed sum, has planning consent for 562 homes, including 173 affordable units, alongside nearly 50,000 sq ft of ground-floor commercial space. The site will be redeveloped into a 15-storey residential tower, as approved by Lewisham Council in July 2023. Construction is set to commence later this year.

“This acquisition marks a new era for Lee town centre, delivering much-needed homes and a vibrant retail and leisure hub for both the existing community and new residents,” said London Square chief executive Adam Lawrence.

The deal is London Square’s 14th acquisition since being taken over by Aldar at the end of 2023. It follows the company’s recent purchase of Ransome’s Wharf in Battersea earlier this year. Other notable acquisitions include a former convent site in Chelsea, the Grade II-listed Surrey County Hall in Kingston, and Westminster Tower.

London Square currently holds 14 sites across 10 London boroughs, with a development pipeline exceeding 2 million sq ft. Work is already in progress on 10 of these sites, supporting the developer’s ambition to build more than 7,000 homes in the capital over the next five years.

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