Southwark has become one of the hotspots for tall buildings in London. Everybody knows it is home to the Shard, the tallest building in the UK. Additionally, it has iconic buildings like One Blackfriars and Strata. The number of high rises keeps growing too. In fact, two projects got planning permission in September. We want to have a closer look at them here to see what it means for the areas. Then, if you want to work with a lettings agent in Southwark, you can speak to us to see what we offer.
Elephant and Castle
The first project will replace the seven storey Skipton House office building in Elephant and Castle with four new high rises. The property has been empty since 2022, so the site has been in line for redevelopment for a few years now. It will now become student accommodation and affordable flats.
Two of the towers will contain 1,434 beds for students. The properties will be 31 and 30 storeys tall respectively. Then, the other two blocks will have 243 flats, including 171 for social rent and the remainder for intermediate housing (could be London Living Rent or shared ownership). These latter two high rises will be 23 and 21 storeys tall.
Interestingly, the redevelopment will also create some new amenities for the area. The ground floors of the two student blocks will be for retail or food/beverage use. Additionally, the first and second floors will provide new offices and medical space. Ultimately, it could all have a big impact on the area. If it encourages you to invest in assets in the area, you can speak to us and work with a lettings agent in Southwark.
The project got approval from Southwark Council’s planning committee, so work on the site can begin. There were objections to the plans, particularly concerns about the height and over-development. However, while accepting the concerns were valid, counsellors said the benefit of the amount of affordable housing was enough to give permission.
Old Kent Road
At the same planning meeting in September, counsellors also had to consider plans for a redevelopment of a vacant building off Old Kent Road. The site itself, on Ilderton Road, was previously for commercial use, including car repairs. But it is empty now and ready to redevelop.
The proposals for the site are to demolish the current building. It will then make room for a new 15 storey block. This will contain space for 169 students, including studios and units with two en-suite bedrooms sharing a kitchen.
The Old Kent Road project did not get any responses from locals during public consultations. With no objections to consider, the council gave approval. Notably though, the developer will contribute £7.8m to Southwark Council to build affordable housing elsewhere in the borough because the project does not include any.
Speak to us if you want a lettings agent in Southwark
It’s interesting to see all the new developments that get permission in London, especially high rises with housing. Many of them can create attractive assets for investors to target in the future. That’s especially true for great locations close to amenities like Tube stations.
Southwark is an especially popular spot at the moment. It has a vibrant social and cultural scene with plenty of fantastic amenities. The transport links are great too. So, it appeals to a lot of people.
If you do invest and want to work with a lettings agent in Southwark, we recommend you think carefully about what to do. As you may have seen in the news because of a certain political scandal, there is selective licensing for homes in the private rental sector. It’s important to think about it and the responsibility it brings. You might want to think about alternatives like guaranteed rent. We’d be happy to advise if you get in touch.
