Southwark Council has granted planning permission for the redevelopment of 1.4 million sq ft of office space and a data centre on the south bank of the River Thames.
The application by The Carlyle Group lays out plans for around 490 homes set out over 940,000sq ft, in addition to offices, retail, public open space and areas for cultural activities, property website CoStar reported., property website CoStar reported.
Southwark Council, Transport for London and the Greater London Authority have secured investment of £75 million through the Section 106 agreement for the development. This includes £65 million to meet the council's requirement of residential schemes providing 35 per cent affordable units and will create 260 homes, contributing to the authority’s aim to build 1,000 before 2020.
Mark Harris, managing director at The Carlyle Group, told CoStar: "Our vision of an exciting new urban quarter on this prime Thames-side location has taken a significant step towards realisation with the council’s decision to provide planning consent for our project.
"The site, which is right on the river, is currently extremely under-utilised from a physical, social, employment as well as cultural perspective and the support we have received from the local community and Southwark Council throughout this process, and last night, endorses our belief in the need for change."
The project is set for completion between 2020 and 2023.
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched