Southwark Council recently released their investment plans for Old Kent Road. The entire scheme will be a multi-billion pound project that will deliver 1,000 new homes, shops, offices, public spaces, and two new stations. It is hoped the work could be completed in the next decade. This would be one of the largest examples of property investment Southwark has ever seen.
The centrepiece of the project would be a 40 storey tower of flats. The landmark building would feature metal cladding in silver, grey and bronze. A five acre site on Malt Street, just off Old Kent Road has been selected. The former meat factory would make way for 1,000 flats and town houses. Early proposals claim that 25% of the first phase of 359 flats would be affordable.
A site on the former Grand Surrey Canal has also been earmarked for development. The route was originally created to transport timber between Camberwell and Surrey Docks. Infrastructure changes in the 70s led to it being filled in. The plan is to honour this history by creating a new park on the site complete with water features.
The plans state that over 58% of the development sites will be landscaped. This will help to make the area a more vibrant place to live, work, and visit. The spaces will serve the community and residents alike, giving them attractive greenery to enjoy.
If plans to extend the Bakerloo Line are accepted two new stations will be created in the area. These will improve the transport links dramatically, opening up central and north west London to residents. The work would also raise the profile of properties in the area.
This project would elevate Old Kent Road and Southwark as a whole, changing the reputation of an area that is most renowned for being the cheapest square on a traditional Monopoly board. It would be a fantastic transformation.
If you are considering property investment Southwark already offers a number of attractive properties. Finefair can help you to find them or keep track of new developments if you are planning for the future.