The deal for the nine storey mixed-use development reached financial close this week. It comes ahead of the £1.5 billion regeneration of Elephant and Castle.
The Printworks, a predominantly residential scheme, will provide 164 homes of which 42 per cent will be affordable for key workers and social rent.
It will be built on site of a former railway coal store which is currently owned by urban regeneration agency English Partnerships.
First Base will develop the site as part of the London Wide initiative, a pilot to fast-track more quality affordable homes in Greater London.
Construction is due to start in the next month with completion due in spring 2010.
Laing O’Rourke has just completed a commercial office building for First Base in Stratford, east London.