Report: £10.7bn Old Kent Road regeneration could create 10,000 new jobs
The regeneration of Old Kent Road in London could deliver up to 10,000 new jobs according to a new report.
‘The Transformation of Old Kent Road’, published by South and East London estate agency KALMARs, has detailed how the regeneration of the area is creating homes and workspace for jobs.
According to the report, low-rise retail warehouses and factories are being replaced by new apartment buildings and mixed-use developments, providing circa 20,000 new homes.
In addition, the regeneration of the area aims to provide workspace for 10,000 new jobs, creating a new town centre and ‘urban quarter’ for the city.
The report, which includes annotated maps, photos, CGI images and commentary, states that there are four key factors driving the transformation of Old Kent Road.
The first is the area’s designation as an ‘Opportunity Area’ by the local authority and the GLA, and the second is that Old Kent Road is considered by some to be the ‘forgotten’ part of central London, given its proximity to the City and West End.
The third driving factor is the location’s ‘exceptional’ growth potential, with areas identified by the firm as appropriate for redevelopment, as well as low current property prices compared to most other areas equidistant to Central London such as Clapham, Islington and Pimlico.
The fourth factor is the proposed Bakerloo Line extension between Elephant and Castle and Lewisham, with two new stations planned for Old Kent Road.
KALMARs managing director, Richard Kalmar, commented: “Our new Old Kent Road Report explains how given the close proximity to central London this long overdue transformation has been held back by a lack of vision, which fortunately the Opportunity Area Action Plan has corrected, unusually the planning authority is actually more ambitious than some in the property world.”
“The £10.7 billion investment in 20,000 new homes and commercial space will result in huge benefits, not only to the local community, but, given the scale and architectural ambition, to London in general.
“It may be a while before Old Kent Road replaces Mayfair on the Monopoly board but as an investment opportunity it has unrivalled potential and is very clearly destined to outperform other parts of central London in the short, medium and long term.”
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