The development site covers a one-acre area above and around Southwark Underground station on Blackfriars Road, London SE1.
Algarve House is a vacant, derelict office building in which Development Securities has an £8m option agreement that it will exercise. Transport for London (TfL) owns adjacent land and the air space above Southwark Underground station. The development will also take in additional land around the station owned by the London Borough of Southwark.
Subject to consultation, the new development is expected to create 225,000 square feet of space, including more than 300 residential apartments.
The masterplan for the site has been designed by architect AHMM and a planning application is expected to be submitted later this year.
Development Securities director Julian Barwick said: "Our site is located within an exciting area of Southwark with huge potential to deliver a development that creates new employment and housing opportunities as well as considerable new public realm and leisure opportunities. Following our success at 10 and 12 Hammersmith Grove, we are delighted to have joined forces again with TfL to create a partnership that has the expertise and ability to deliver a significant regeneration development for the local area."
TfL commercial development director Graeme Craig added: "Our joint venture with Development Securities is another example of the work we are doing to maximise our assets whilst generating vital revenue that we can invest in the transport network. The development above and around Southwark Underground station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long."
Got a story? Email news@theconstructionindex.co.uk
