An industrial site at Hatcham Road, Bermondsey, which has been sold for £9.75m by KALMARs and joint agent Kingsbury, is set to be redeveloped into a new residential scheme
The site was purchased by housebuilder Optivo in a joint venture (JV) project with housing association Skillcrown. The Hatcham Road site is part of the Old Kent Road Opportunity Area, and has planning permission for a nine-storey building providing new homes and commercial units.
Sold on behalf of Aitch Group, the proposed Hatcham Road scheme will provide 86 homes with a mixture of one, two and three-bedroom apartments and two large commercial units on the ground floor.
It was designed by Alan Camp Architects and will deliver 61,000 sq ft of residential space and 7,600 sq ft of commercial space in total. The site received resolution to grant planning permission in November 2018.
The purchased industrial site totals 0.45 acres across 3 parcels of land; a single storey building containing three commercial units; yard space; and a two-storey industrial building with yard space.
Old Kent Road transformation
Hatcham Road is located 0.4 miles from Old Kent Road which is undergoing extensive redevelopment into a new ‘city’ which will provide 20,000 new homes and workspace for 10,000 new jobs.
The Old Kent Road Opportunity Area and new Action Plan is a 20-year investment strategy to strengthen the area’s appeal, build stronger communities and provide highly-sought-after homes.
KALMARs recent research reported that the Old Kent Road regeneration plans have a GDV of £10.7bn, with the Bakerloo Line Extension proving hugely attractive to investors and developers.
Sebastian Kalmar, director of Residential Development at KALMARs, commented: “KALMARs are delighted to have guided the successful sale of Hatcham Road, an industrial site that is set to be transformed into new-build homes and commercial space.
“The area within the Old Kent Road Opportunity Area is seeing significant investment and we expect the area’s appeal to grow over the coming years. Given the potential increase in land values once a scheme is completed, Hatcham Road could prove to be a very substantial investment.”
