London-based developer, Avanton, is to transform the historic Gasholders site on Old Kent Road into a new £230m mixed-use regeneration project
Avanton has acquired the 4-acre SGN Gasholders site on Old Kent Road. The developer says it will remediate the industrial land and provide hundreds of new homes including affordable housing, open space and over 50,000 sqft of light industrial commercial use, supporting the council’s Healthy Living strategy.
Plans for Gasholders site
Plans for the Gasholders site are still at a very premature stage but will include the retention of the 48.8 metres high main Grade II listed Victorian gasholder, originally built in 1879-1881 by George Livesey.
The gasholder frame will also be transformed into an art-like architectural feature within the gardens and parkland of the new development.
Within the centre of the gasholder, there are plans for a pavilion, water features and gardens, providing a central feature for the residential and commercial buildings within the new development.
Alongside the Gasholders site, Avanton has already gained planning permission for 1,152 new homes providing 40% affordable housing and a sports centre on the 1.36 hectare (3.3 acre) Ruby Triangle site which the developer plans to launch in 2020.
Designed around a large landscaped courtyard garden, the Ruby Triangle development has been designed by architectural practice Farells. Avanton’s third site at 651 Old Kent Road, the Carpetright scheme, is also in the planning system which will provide a further 262 units, of which 40% will be affordable homes.
Omer Weingberger, managing partner at Avanton, said: “Avanton’s acquisition of the Gasholders site on Old Kent Road highlights our commitment to investment and regeneration in the London Borough of Southwark.
“The £230m (GDV) Gasholders scheme will result in a significant contribution to the local community through the provision of homes, a substantial commercial offering and public open space. Our trio of projects will help to spearhead the transformation of Old Kent Road into a new town centre for London.
“Alongside this there is the planned extension of the Bakerloo Line with two new stations on Old Kent Road.”
Marc Pennick, partner at Avanton, added: “Avanton is the largest investor and developer on Old Kent Road, underlining our strong commitment to the regeneration of this famous address.
“Our pipeline portfolio of homes and commercial premises on Old Kent Road will provide good investment opportunities for discerning investors and end-users.
“The location is price-competitive and there is the potential for uplift in values due to the regeneration and the Bakerloo Line extension.”
Old Kent Road regeneration
Old Kent Road is currently undergoing a £10.7bn transformation with new homes, and workspace for up to 10,000 new jobs, commercial, retail and leisure facilities.
