The proposed scheme will be comprised of 40% affordable homes, according to the developer
Regal London has submitted plans for a new student accommodation building with capacity for nearly 1,000 student homes and 200 new affordable homes on Old Kent Road in the London Borough of Southwark.
The developer specialises in mixed-use schemes in the capital. The plans are for an 0.7 hectare site at Devonshire Place opposite the proposed new Bakerloo Line station.
If approved, the new development will be built at 747-759 and 765-775 Old Kent Road, famous for being among the more affordable real estate on the board game, Monopoly.
The proposals for a brownfield site include 941 bedrooms of student accommodation, a new convenience food store, a GP surgery and transport improvement.
Plans also include new green spaces, walkways and cycle paths.
Regal London says the 200 units of affordable housing equate to 40% of the development when considered alongside the student housing.
“Devonshire Place is the next step in Regal London’s diversification strategy, bringing our customary design excellence and flair to our second purpose-built student accommodation development alongside 200 new affordable homes that will be built onsite,” Simon De Friend, co-founder of Regal London, said in a statement.
“The Old Kent Road has immense potential, and we are excited to be able to bring forward this significant new development and maximise the potential of this under-utilised brownfield space.
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“Devonshire Place will be Southwark’s newest neighbourhood, with new green spaces, café and the potential for a new GP surgery for all.”
In May, Regal London announced an £85m partnership with Brent council for its 876-home development in Wembley. The council has agreed to purchase 294 units at the scheme, which will be 40% affordable when it completes in 2026.
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