We’ve been talking for a while about the Old Kent Road as an investment hotspot (see January’s newsletter), following the London mayor’s designation of the area as an opportunity for high density residential development. With news of a major joint venture by two of the best-known names in London property investment it seems the promise is coming closer to realisation.
Aviva Investors and Galliard Homes have got together for a residential scheme on the site of the Cantium business park, SE1, currently occupied by B&Q, Halfords, and Pets at Home. Once finalised and approved the plans could accommodate more than 500 homes and be worth hundreds of millions of pounds (Aviva bought the site in 2010 for £30.1 million).
Critical to the prospects for the whole area is the proposed extension of the Bakerloo line beyond its current terminus at Elephant and Castle. TfL will close its latest consultation on the route in April, and wants to bring forward completion to 2028/29.
Mount Anvil has also announced joint venture plans with Sainsbury’s for its New Cross site, compromising some 1400 residential units. On the adjacent Asda site Berkeley Homes are seeking planning permission for a further residential development of 886 homes.
For more information, or indeed a chat about ways you could take advantage of the redevelopment in this area, please contact our investment team on 020 7378 0644 or email us at [email protected]
By Jaimie Beers
Jaimie Beers is Managing Director of Madley Property.