L&G next to join Old Kent Road resi rush
L&G could be the next company to join the rush of residential development on Old Kent Road as it examines options for the PC World site at 180 Old Kent Road, SE1.
Legal & General Assurance Society bought the site in 2002 for £7.3m. Since then it has remained as big box retail.
The area has a number of large retail outlets, but since the announcement of the planned extension of the Bakerloo Line, it has become a hotbed of planned residential development.
L&G could be the next company to join the rush of residential development on Old Kent Road as it examines options for the PC World site at 180 Old Kent Road, SE1.
Legal & General Assurance Society bought the site in 2002 for £7.3m. Since then it has remained as big box retail.
The area has a number of large retail outlets, but since the announcement of the planned extension of the Bakerloo Line, it has become a hotbed of planned residential development.
This has been further encouraged by the creation of the Old Kent Road Opportunity Area, which plans 20,000 new homes with the backing of the GLA and the lowering of CIL, and includes a general nod towards higher density development.
Berkeley owns the nearby Malt Street site, which has seen an EIA submitted for 1,200 homes in towers of up to 36 storeys, while Aviva and Galliard have announced a tie up on the Cantium retail park, which could accommodate 1,000 homes.
Last week a consortium led by Omer Weinberger and Marc Pennick bought the Ruby Triangle site, where it plans more than 1,000 homes, while further along the Old Kent Road, Mt Anvil is planning a 1,400-home scheme next to New Cross Gate Station in partnership with Sainsbury’s.
L&G have not decided what they intend to do with the site, which could work as a rental or for sale residential development. The ground floor retail could also be retained and built above, depending on the proposed scheme.
L&G are reportedly exploring options, though no formal decisions have yet been made.
The location of the new Bakerloo Line tube station has also yet to be decided.
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