An important area just south of the Thames is going to be given a “new identity” with thousands of new homes, jobs and inhabitants.
Having been identified as an area of opportunity, the Old Kent Road is the focus of Southwark Council’s Area Action Plan, an exciting and ambitious vision to create over 20,000 new homes and 10,000 jobs. The scheme will take advantage of plans to extend the Bakerloo Line underground to the Old Kent Road with three new tube stations.
Plans for 2,100 new homes
Developer Avanton has its sights set on the Old Kent Road having just acquired its third site in this part of south London. The developer is looking to add to its target of redeveloping the Old Kent Road to create 2,100 homes and has plans to build ‘hundreds’ of new homes on the Gasholders 1.6 hectare site with a development value rumoured to be over £230m.
Despite being at an early stage, Avanton’s plans are to keep the original Victorian gasholders on this site. The site is located in the Greater London Authority’s Old Kent Road Opportunity Area and together with the proposed residential expansion, is a plan to develop 50,000 square feet of industrial space.
Investment over next 20 years
The new development could see the post-war thoroughfare made up of council estates, retail warehouses and a traffic hub given a new identity with a proposed new town centre, three new schools and an investment programme spanning 20 years.
Bermondsey and Peckham have benefited from major investment turning them into two of London’s ‘hippest’ destinations and the Old Kent Road, situated between the two, could soon follow suit.
Estate agent sets up shop on Old Kent Road
South London estate agent KALMAR has recently announced plans to open a new office on the Old Kent Road as part of a wider inner city expansion. Sebastian Kalmar, residential sales director, said:
“Old Kent Road is located between Bermondsey and Peckham, two of London’s coolest areas. The area is due to have one of South London’s greatest infrastructure improvements which will change what Old Kent Road has to offer and bring a change in public perception.”
Developer Avanton is reputedly the largest investor and developer on the Old Kent Road. It already owns two adjacent sites nearby and has submitted plans for over 1,400 homes, including towers of up to 48 storeys.
Local community to benefit from £230 million investment
Managing partner at Avanton, Omer Weingberger, said: “The acquisition highlights our firm’s commitment to investment and regeneration in the London Borough of Southwark. The £230 million (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.”
He added: “Our trio of projects will help to spearhead the transformation of Old Kent Road into a new town centre for London.”