Planning permission has been granted for a £600m scheme on the Old Kent Road’s Cantium Retail Park, which would include a 48-storey residential tower.
The development, which is on the possible Bakerloo extension route, would see up to 1,113 new homes being built as well as shops, restaurants and a cultural “destination.”
Of those homes, 363 would be designated as ‘affordable’, with 237 ‘social rent’ and 126 ‘shared ownership’ units.
Alongside the 48-storey tower, other buildings will rise up to 37-storeys, significantly changing the landscape of the surrounding area.
The existing Halfords and Pets at Home on the retail park will stay on the development, submitted by the developer Galliard Homes and Aviva Investors.
The new development is expected to take six years fully to build.
Helen Rainsford, Senior Director at Aviva Investors said: “Aviva Investors is pleased planning consent has been granted for the regeneration of Cantium Retail Park.
“Working with Galliard Homes, we believe we can create a superb residential-led mixed-use development that will transform the site for the benefit of the local area.”
“The regeneration of Cantium Retail Park will serve to kick-start the wider planned regeneration and transformation of the entire Old Kent Road into a vibrant new high quality commercial, retail and residential destination for South London,” added Stephen Conway, Executive Chairman of Galliard Homes.
The site is part of the council’s designated Old Kent Road Action Plan.