London Square picked to deliver mixed-use neighbourhood in Waterloo with 133 new homes

The NHS trust behind two of London’s most famous hospitals has appointed London Square as its development partner on a new mixed-use development.

Guy’s & St Thomas’ Foundation has appointed the developer to help it deliver Royal Street, a new district in Waterloo that will include new workspace, as well as 133 new homes.

The site, just east of St Thomas’ Hospital which sits on the south bank of the Thames, is part of the SC1 London’s Health and Life Sciences Innovation District.

Plans for the wider 5.5-acre district includes more than one million sq ft of workspace, while the half of the residential component will be affordable housing. Planning permission for the scheme, which was drawn up by architect AHMM, was given in 2023.

Adam Lawrence, chief executive of London Square, said: “Royal Street’s masterplan is an exceptional scheme of international scale and significance. 

“As this district grows, it is vital that high-quality homes and affordable housing sit alongside it, ensuring that local people who power London’s health, research and public services can live close to where they work. 

“Through our partnership with the Foundation, we look forward to delivering a new mixed tenure, low carbon neighbourhood at Royal Street which will become a vital and hugely beneficial part of the innovation district.”

Laurie Lee, chief executive at Guy’s & St Thomas’ Foundation, added: “Forming our first development partnership at Royal Street is a milestone moment for the project. We’re pleased to be working with London Square, which has a strong track record of delivering exceptional homes across the capital. 

“Together, we are advancing a landmark project that will support inclusive economic growth, deliver a healthy neighbourhood and provide high-quality housing for local people and valued key workers.”

Works are expected to begin in Spring 2027, subject to regulatory approvals.