Avanton to develop 48-storey tower on Old Kent Road
Southwark Council has approved Avanton’s plans for three towers providing 1,152 homes on the Ruby Triangle site on the Old Kent Road, SE15.
Plans call for the demolition of the existing buildings and redevelopment of five Farrells-designed mixed-use residential towers of 17 storeys, 40 storeys and 48 storeys on the 3.5-acre site bounded by the Old Kent Road, Ruby Street and Sandgate Street.
The scheme has a GDV of £520m.
Southwark Council has approved Avanton’s plans for three towers providing 1,152 homes on the Ruby Triangle site on the Old Kent Road, SE15.
Plans call for the demolition of the existing buildings and redevelopment of five Farrells-designed mixed-use residential towers of 17 storeys, 40 storeys and 48 storeys on the 3.5-acre site bounded by the Old Kent Road, Ruby Street and Sandgate Street.
The scheme has a GDV of £520m.
Some 451 homes will be affordable, delivered in partnership with A2 Dominion, 277 of these will be available at social rent, with a further 174 for shared ownership. This equates to 40.5% affordable housing (1,496 rooms of 3,690 habitable rooms).
There is also provision for 10,849 sq ft of commercial space, car parking and cycle spaces.
Avanton acquired the site from OKR Regeneration, advised by Kalmars, in 2017. Development plans were submitted in March, due for review at the committee meeting on 9 October, but deferred to 29 October owing to time constraints.
Avanton was advised by planning consultant GL Hearn.
Avanton was founded by Omer Weinberger, a former real estate banker, and Marc Pennick, a former senior land director at Barratt West London.
Weinberger said: “Our development on Old Kent Road will, like all our developments, be built with the occupier front of mind and will put health and well-being first for its new home owners and occupiers.”
He said the development would include a sports facility, a new public park with an outdoor gym and a children’s play area.
Development plans for site were opposed by critics who claimed the scheme “constitutes gross overplanning” in the Old Kent Road Opportunity Area, owing to the height of the buildings, and said the scheme would “set a precedent for future planning applications”.
Last month, Southwark Design Review Panel said Berkeley Homes was set to submit revisions to its 1,300-home Old Kent Road scheme, raising its affordable provision from 20% to 35%.
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