Developer Telford Homes has exchanged contracts for the purchase of a site in Southwark for £19 million.
Planning permission is in place for 148 units and 10 affordable homes in a building ranging from six to 19 storeys, alongside the construction of a new primary school and sixth form academy within the lower levels.
The development is scheduled for completion by 2018 and has a gross value of around £75 million.
Telford Homes chief executive, Jon Di-Stefano, said: “The board believes that Telford Homes is developing in the right locations at a time when there are not enough new homes being built. Given the success of recent sales launches and an enhanced development pipeline the group is well on track to deliver the strong growth in pre-tax profits anticipated over the next four financial years as highlighted in the preliminary results issued on 28 May 2014.”
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched