Nomura Real Estate Breaks Ground on First Rental Housing Project in London
In July 2026, Nomura Real Estate broke ground on the Herne Hill Project, its first rental housing project in the U.K., which it is advancing in collaboration with Legal & General Group plc (L&G).
The project is located in the Borough of Lambeth in south London, with a planned site of approximately 5,900 sq. m (approx. 63,500 sq. ft.) and a rentable floor area of approximately 11,800 sq. m (approx. 127,000 sq. ft.). It will develop five buildings of six to 15 stories with a total of 278 units. Of these, 85 units will be built as affordable housing, which Sovereign Network Group plans to acquire, manage, and operate. After Nomura Real Estate's participation, the project obtained approvals for an increase in the number of units, expanding its scale from the originally planned 218 units to 278 units.
Nomura Real Estate entered office development in London in 2021 and has since developed business in the office sector. In April 2025, it signed a memorandum of understanding with L&G toward a medium- to long-term partnership, expanding its business into rental housing. It plans to continue advancing development within commuting range of central London in collaboration with L&G.
Key Facts
- Project Name: Herne Hill Project
- Developers: Nomura Real Estate Development Co., Ltd. / Legal & General Group plc
- Location: Shakespeare Rd, Lambeth, London SE24
- Construction Start: July 2026
- Number of Floors: 6 to 15 stories, five buildings in total
- Use: Rental apartments
- Planned Site Area: approximately 5,900 sq. m (approx. 63,500 sq. ft.)
- Rentable Floor Area: approximately 11,800 sq. m (approx. 127,000 sq. ft.)
- Total Units: 278 (of which 85 are affordable housing units)
- Affordable Housing Acquisition, Management and Operation: Sovereign Network Group
