London property developer acquires historic four-acre site in Southwark for £230m
South and West London developer Avanton has shown further commitment to the London Borough of Southwark’s Area Action Plan by acquiring the four-acre SGN Gasholders site on Old Kent Road.
Avanton is proposing to transform the historic Gasholders site into a new £230m (GDV) mixed-use regeneration project which will remediate the industrial land and provide hundreds of new homes including affordable housing, open space and over 50,000 sq ft of light industrial commercial use, supporting the Council’s Healthy Living strategy.
Plans for the Gasholders site are still at an early stage but will include the retention of the 48.8 metre-high main Grade II listed Victorian gasholder, during the Victorian era the largest in the world, originally built in 1879-1881 by George Livesey.
The Gasholders site was originally part of the Old Kent Road gasworks, owned by the South Metropolitan Gas Company, and built in 1829-1833 by Chairman Thomas Livesey.
In 1848, Thomas’s son George joined the company and helped to reconstruct the complex which became an important gasworks in London, producing a gas supply of 12,520 million cubic feet per annum.
The gasworks were nationalised in 1949 and ceased production in 1953 although the gasholders continued to be used for storing gas into the 21st century. Avanton now plans to regenerate the redundant site with a new mixed-use scheme.
Designed around a large landscaped courtyard garden, the Ruby Triangle development has been designed by leading award-winning architectural practice Farells.
Avanton’s third site at 651 Old Kent Road, the Carpetright scheme, is also in the planning system which will provide a further 262 units, of which 40 per cent will be affordable homes.
This provision by Avanton of over 2,100 new homes, commercial and public realm improvements on three major strategic development sites makes Avanton the largest investor and developer on Old Kent Road.
Omer Weingberger, managing partner at Avanton, said: “Avanton’s acquisition of the Gasholders site on Old Kent Road highlights our commitment to investment and regeneration in the London Borough of Southwark.
“The £230m (GDV) Gasholders scheme will result in a significant contribution to the local community through the provision of homes, a substantial commercial offering and public open space.
“Our trio of projects will help to spearhead the transformation of Old Kent Road into a new town centre for London. Alongside this there is the planned extension of the Bakerloo Line with two new stations on Old Kent Road.”
Old Kent Road is undergoing a £10.7bn regeneration with new homes, and workspace for up to 10,000 new jobs, commercial, retail and leisure facilities.
The location is equidistant to Central London like other locations such as Clapham, Islington and Pimlico.
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