Brick by Brick has sold the Red Clover Gardens development on Lion Green Road to Regen Capital for £38 million.
The number of social homes has been increased from 79 to 85, which will be allocated to those on Croydon Council's housing waiting list, many of whom will have been living in temporary accommodation for some years. So as well as providing a secure home for residents and their families, the Council will also be driving down the cost associated with providing Temporary Accommodation.
The affordable flats will not be used to house residents from other Boroughs' waiting lists, as some have claimed.
The remaining 72 homes will be for private rent or sale.
Jason Perry, Conservative Mayor of Croydon, said:
"The sale of Red Clover Gardens is a huge step towards ending the sorry saga of Brick By Brick - Labour's failed property developer which has cost the taxpayer tens of millions of pounds - for good. I'm grateful to all those who have played a part in negotiating this deal, selling the site for millions of pounds more than speculators had suggested."
