The agreement covers the redevelopment of Denby Court estate in Kennington, which will deliver 141 new mixed-tenure homes.

Half of the new homes will be affordable, with 70% allocated for social rent, according to an announcement.

Vistry has already begun preparing a planning application, with construction expected to start in 2027, subject to approval.

The contract follows a strategic partnership formed earlier this year between Vistry and Lambeth Council, aimed at delivering 500 new homes and two community hubs across six sites in the borough.

Development plans for the remaining five sites are already underway.

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“Signing the development agreement for Denby Court marks an exciting first step in our partnership with Lambeth Council to deliver high-quality homes that meet local needs,” said Rob Wilkinson, managing director at Vistry South London.

“Across six neighbourhoods, we’re committed to creating places that are not only well-designed but inclusive and sustainable.”

Councillor Danny Adilypour, Lambeth’s deputy leader and cabinet member for housing, investment and new homes, commented: “Delivering social and genuinely affordable homes for Lambeth residents is at the heart of this partnership, and it’s great to see momentum building so quickly.

“Agreeing plans for Denby Court so early shows our commitment to boosting the supply of new affordable homes as quick as possible.”