Avanton acquires Old Kent Road gasholder site
Avanton has acquired a gasholder site on London’s Old Kent Road for a £230m mixed-use scheme.
The luxury resi developer acquired the freehold for the four acres from Scotia Gas Networks.
It will develop a scheme of around 750 homes and 50,000 sq ft of light industrial commercial space.
Avanton has acquired a gasholder site on London’s Old Kent Road for a £230m mixed-use scheme.
The luxury resi developer acquired the freehold for the four acres from Scotia Gas Networks.
It will develop a scheme of around 750 homes and 50,000 sq ft of light industrial commercial space.
The acquisition is Avanton’s third on the Old Kent Road, bringing its resi pipeline to more than 2,100 new homes.
In March it acquired the former Carpetright site at 651 Old Kent Road, and submitted a planning application for 262 flats and 30,000 sq ft of commercial floorspace in two buildings of 10 and 19 storeys.
Avanton has consent for a further 1,152 homes in a 48-storey tower on the Ruby Triangle site.
A planning application for the gasholder site will be submitted to Southwark Council in 2020. Development will retain the 48.8m Grade II Victorian gasholder, which was once the largest in the world.
Marc Pennick, partner at Avanton, said: “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.”
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