Transport for London (TfL) and Development Securities have revealed plans to redevelop the area above and around Southwark station.
A consultation process with Southwark Council, local businesses, residents and the wider community will take place over the coming months to produce a masterplan for the site. This will be designed by architects AHMM, ahead of submission of the planning application later this year.
Director of Development Securities, Julian Barwick, said: "Our site is located within an exciting area of Southwark with huge potential to deliver a development that creates new employment and housing opportunities as well as considerable new public realm and leisure opportunities. Following our success at 10 and 12 Hammersmith Grove, we are delighted to have joined forces again with TfL to create a partnership that has the expertise and ability to deliver a significant regeneration development for the local area."
The partnership deal comes after TfL’s recent announcement that it is seeking property development partnerships for 50 sites across its transport estate, as part of its wider plans to generate £3.4 billion in non-fare revenue over the next decade, which will be reinvested back into the transport network. TfL has launched a tender process to find development partners.
"We've already surpassed one degree of global warming," said Kristen Buida, manager of the London Climate Change Partnership.