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2 Mar 2015 07:00
2nd March 2015
Development Securities and TfL sign joint venture agreement to create mixed-use redevelopment at Southwark Underground station
Development Securities and Transport for London (TfL) today announce that they have signed a joint venture agreement to redevelop a one-acre site above and around Southwark Underground station on Blackfriars Road, SE1.
The development site will combine three sites: Algarve House, a vacant, derelict office building in respect of which Development Securities has an £8.0 million option agreement which will be exercised by the company in March 2015; adjacent land owned by TfL including the air space above Southwark Underground station; and further land around the station owned by the London Borough of Southwark.
The combined development site offers huge potential for a significant residential-led mixed-use regeneration of c.225,000 sq. ft. that would reposition this corner of Blackfriars Road to create a new landmark development.
Located between the Elephant and Castle regeneration area and the South Bank, the redevelopment would deliver over 300 new residential units as well as new retail space and restaurants, adding to the mix of uses within the local area as well as delivering significant new public realm to complement the large number of developments and improvements taking place within the immediate vicinity. Specifically, the redevelopment will enhance the environment around Isabella Street, a popular pedestrianised street that runs alongside the development site.
Development Securities and TfL will undergo an extensive consultation process with Southwark Council, local businesses, residents and the wider community over the coming months as the masterplan for the site, designed by architects AHMM, is developed, ahead of submission of the planning application later this year.
Julian Barwick, Director, Development Securities 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."
Graeme Craig, Director of Commercial Development, TfL said: "Our joint venture with Development Securities is another example of the work we are doing to maximise our assets whilst generating vital revenue that we can invest in the transport network. The development above and around Southwark Underground station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long."
For further enquiries, please contact:
Lucy Grimble, Development Securities PLC
020 7828 4777
Kevin McGeever/Hugo Sutherland, Portland Communications
020 7842 0123
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