Lovell hosted a ribbon-cutting ceremony alongside PA Housing and Greenwich councillors to open the development at Trinity Walk.
The 133-unit scheme is the first phase of a project which will transform three ageing estates in Woolwich.
“We all know how incredibly difficult it has become for ordinary people to access decent housing in London,” said councillor Denise Hyland.
“Trinity Walk has replaced a rundown development of poor-quality housing with modern, fit for purpose, high-quality residences.
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“It is a demonstration of the commitment from the council to provide not only affordable, but great homes to those in most need.”
Matt Cooney, chief operating officer at PA Housing, added: “We are very proud of what has been achieved through our partnership with Lovell Homes and the Royal Borough of Greenwich.
“These fantastic new homes provide another opportunity for people living or working locally to buy new homes at an accessible price, made possible through the availability of affordable rent and the shared ownership scheme.”
London Help to Buy is available on all properties priced under £600,000, which will enable homebuyers to purchase their new home with a 5% deposit.
“The handover of the Percy Eagles Building is a huge achievement, made possible through the hard work and determination of the partnership to deliver this brilliant scheme in time for completions later this year,” said Richard Vining, operations director at Lovell Homes.
“We have already welcomed the first set of new residents to Trinity Walk, and we look forward to welcoming even more.”