Plans approved for £130m London housing development
Two London developers have received council permission for a £130m housing plan in the city centre.
Avanton and Urban & Provincial have received the green light from Southwark Council for the £130m redevelopment of a former Carpetright warehouse.
The warehouse, on Old Kent Road, will be transformed into 260 new homes, of which 40 per cent will be designated affordable housing.
The scheme is the third element of Avanton’s ‘regeneration masterplan’ for the area, designed to deliver over 2,100 homes with a total value of £795m.
Omer Weinberger, chief executive of Avanton, commented: “Avanton is committed to our extensive regeneration plans on Old Kent Road, with a trio of important sites that will bring new homes, amenities and public space to the area.
“We are delighted that Southwark Council has approved our plans for the redevelopment of the former Carpetright site into a new £130m scheme.
“The design focuses on creating a sense of community and providing extensive outdoor space for residents to enjoy, which is proving more than ever to be a key priority for buyers.
“Old Kent Road is an excellent location that is truly accessible to many Londoners with most units qualifying for the government Help to Buy scheme, which makes the units attractive both to owner occupiers and long-term investors.”
Luke Osborne, director of Urban & Provincial, added: “Old Kent Road is undergoing an exciting £10.7 billion regeneration with new homes, and workspace for up to 10,000 new jobs, commercial, retail and leisure facilities.
“The former Carpetright warehouse, which is circa 25,000 sq. ft. in size, is currently vacant, which will allow construction to start without delay.
“Works are planned to begin in early 2021 with completion in Q4 2022.
“The development of the scheme will create 120 jobs, to be prioritised for residents of the borough.
“The location is equidistant to Central London like other locations such as Clapham, Islington and Pimlico.”
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