South and West London developer Avanton has announced the purchase of the 1.6 hectare SGN Gasholders site on Old Kent Road in the London Borough of Southwark.
Avanton is proposing to transform the historic Gasholders site into a new £230 mln (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.
Plans for the Gasholders site are still at a very 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.
Alongside the Gasholders site, Avanton has already gained planning permission for 1,152 new homes providing 40% affordable housing and a sports centre on the 1.36 hectare (3.3 acre) Ruby Triangle site which the developer plans to launch in 2020.
Designed around a large landscaped courtyard garden, the Ruby Triangle development has been designed by 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% will be affordable homes.
Omer Weingberger, managing partner at Avanton said: '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.'
Marc Pennick, partner at Avanton added: 'Avanton is the largest investor and developer on Old Kent Road, underlining our strong commitment to the regeneration of this famous address. Our pipeline portfolio of homes and commercial premises on Old Kent Road will provide good investment opportunities for discerning investors and end users. The location is price-competitive and there is the potential for uplift in values due to the regeneration and the Bakerloo Line extension.'
Old Kent Road is undergoing a £10.7 bn bn with new homes, and workspace for up to 10,000 new jobs, commercial, retail and leisure facilities.