Affordable housing provider Affinity Sutton has bought a "prime" development scheme in Blackfriars Road with the aim of funding homes for rent elsewhere.
Now Affinity Sutton has bought the "mixed-use, boutique-style development"
which will include 53 homes in buildings up to eight storeys high.
Eight of the homes will be for social rent and two will be shared ownership.
Affinity Sutton says it expects to start work on the scheme in spring next year.
"We are keen to create developments where we can really add value, where people want to live and which offer excellent transport communications," said Kerry Kyriacou, group development and new business director at Affinity Sutton.
"This new site in Blackfriars Road delivers on all counts. As a business, we can now clearly demonstrate our ability to acquire land and deliver exceptionally high quality homes that meet the diverse needs of London's population.
"The more homes we build for outright sale, the more profit we can put back into our business of providing homes for those in most housing need; from homes for social rent through to shared ownership."