Regal London buys Southwark site for 900-bed PBSA scheme
Regal London has bought a site opposite the proposed Bakerloo Line station on Old Kent Road in Southwark, SE1, for a 900-bed student accommodation scheme, with a further 220 affordable homes.
The Devonshire Place development, located at 747-759 Old Kent Road and 765-775 Old Kent Road, will include large family homes, commercial and community, new public realm and major infrastructure upgrades. The site measures two acres.
It currently comprises a former HSS Hire store, used for small office studios, and a petrol station with car wash and car hire operations.
Regal London has bought a site opposite the proposed Bakerloo Line station on Old Kent Road in Southwark, SE1, for a 900-bed student accommodation scheme, with a further 220 affordable homes.
The Devonshire Place development, located at 747-759 Old Kent Road and 765-775 Old Kent Road, will include large family homes, commercial and community, new public realm and major infrastructure upgrades. The site measures two acres.
It currently comprises a former HSS Hire store, used for small office studios, and a petrol station with car wash and car hire operations.
Regal’s plans for the scheme include a new public park with children’s play areas and pedestrian and quiet way routes linking to existing neighbourhoods, as well as adjacent street upgrades, including separated cycle lanes and new bus stops.
The developer will submit proposals to Southwark Council. The acquisition marks its second PBSA scheme following The Society on High Road, Wembley, in Brent. It also represents the second deal that Regal closed during Q1 this year after it bought the 11-acre Great North Leisure Park in North Finchley, Barnet.
The ultimate freeholder of the site is First London Holdings, according to Radius.
The site has prior hybrid planning permission on an enlarged site that includes land owned by the London Borough of Southwark, according to an EIA report submitted by Regal to Southwark Council earlier this month.
The proposals that have already been approved, include the development of five buildings ranging from three to 39 storeys, which would deliver up to 565 homes, as well as up to 48,000 sq ft of employment, retail, leisure and community space, and 31,000 sq ft of public realm.
Regal London co-founder Simon De Friend said: “As an agile developer, we have recognised that high-quality student accommodation has the potential to enable the delivery of a significant quantum of affordable housing, thereby unlocking this challenging site.”
See planning information for the London Borough of Southwark>>
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Image © Regal London
