The partnership will create a new 50/50 joint venture company, Lewisham Grainger Holdings LLP, while the scheme will deliver 35% affordable homes let at London living rent and long-term tenancies for Lewisham residents.
The development will also include a new GP surgery, a pharmacy for the local community, new office space and an outdoor gym.
Lewisham Council and Grainger will now move on to the next phase of the project, with a planning submission for the project expected in 2019.
- Grainger to forward fund major build-to-rent scheme in Sheffield
- Sadiq Khan provides funding for self-build community scheme
- New London estate regeneration rules come into force
Helen Gordon, chief executive at Grainger, said: "We are pleased to launch this long-term partnership with Lewisham Council for our proposed development at Besson Street.
“This is an excellent project that will deliver high-quality homes and several additional facilities for the local community.
“Upon completion, residents will benefit from new homes and also Grainger's commitment to customer service and expertise as the market leader in modern homes for rent.”