The 21-storey scheme at Addiscombe Grove will feature over 70% 'affordable' housing, with developer Pocket Living having agreed in principle to make the remaining homes available for shared ownership.
Last year, Pocket Living struck a deal with Mayor Khan for £25m of City Hall funding to support 1,059 new Pocket homes, a third of which are expected to be built off-site in a factory.
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Mayor Khan said: Tackling London's housing crisis requires bold new approaches. We know turning things round will take time, but off-site construction is an innovative way to speed up building the affordable homes our city needs. I invested in Pocket Living to help them build genuinely affordable homes that are sold to local people first."
Marc Vlessing, Chief Executive Officer of Pocket Living, said: "We're delighted that the Mayor has approved our exciting first scheme in Croydon. At Pocket, we always aspire to lead the way. Addiscombe Grove is a great example of this, where we are aiming to use modular construction to deliver homes faster and increase the genuinely affordable housing provided from 73% to 100%."
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