The London Borough of Southwark’s planning committee approved the mixed-use development at Landmark Court, subject to Section 106 negotiations.
U+I expects to start on site in the first quarter of 2021 and complete the scheme in 2023.
The 1.7 acre mixed-use scheme – between Southwark Street, Redcross Way and Union Street – will deliver more than 200,000 sq ft of office and retail as well as 36 new homes on TfL land next door to Borough Market.
Under the plans, new pedestrian routes through the site will reinstate some of the medieval yards and lanes of historic Southwark. These lanes will be lined with shops, cafes, restaurants and market stalls, U+I says.
The scheme has been designed by Allies & Morrison, as a varied collection of contemporary brick buildings; 15 Southwark Street, derelict for many years, will be restored as part of the development.
Richard Upton, chief development officer at U+I, said: "This is an exciting opportunity to recreate Landmark Court's historic lanes and yards, providing much needed homes, workspace, shops and restaurants – including a new marketplace – for this close-knit community. Our plans will stitch this prime London location neighbouring vibrant Borough Market back together, creating over 1,800 new jobs and supporting the local economy."
TfL head of property development Chris Townend said: “We are excited to have been given the go-ahead to start delivering our plans in Southwark, which will create a vibrant hub for the community, with buzzing market stalls, cafes, restaurants and workspaces.”