Guy’s & St Thomas’ Foundation has appointed the firm as its development partner on the 5.5-acre scheme, with half of the homes to be affordable.

Work on the residential element is expected to start in spring 2027, subject to final regulatory approvals.

Royal Street already has planning permission for a major mixed-use redevelopment opposite St Thomas’ Hospital, including around 1.2m sq ft of office and laboratory-enabled space alongside homes, shops and public realm.

The six-plot scheme forms a key part of the SC1 London health and life sciences innovation district, which is targeting more than £3bn of investment and up to 6,200 jobs.

London Square chief executive Adam Lawrence 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.”

Foundation chief executive Laurie Lee said the appointment marked “a milestone moment for the project”.

Masterplanner AHMM secured consent for the wider Royal Street development in 2023. Stanhope is working with the Foundation on delivery of the wider commercial-led masterplan.

London Square expects to have 25 live schemes across the capital during 2026, delivering more than 5,600 homes.