Southwark will be given nearly £10m to ‘revitalise’ the Old Kent Road.
The major Southwark thoroughfare is among the 72 areas in England to receive a share of the Government’s Future High Streets Fund, which aims to deliver “ambitious regeneration plans.”
Southwark Council will receive £9.6m from the fund to help regenerate the Old Kent Road as a “much-loved town centre” said communities secretary Robert Jenrick.
“The year ahead will be a big one for the high street as it seeks to recover, adapt and evolve as a result of the pandemic,” he said.
“Today’s £830 million investment from the Future High Streets Fund is one of many ways the government is working to help our much-loved town centres get through this and prosper into the future.
“The role of high street has always evolved. We want to support that change and make sure that they are the beating heart of their local community – with high quality housing and leisure in addition to shops and restaurants.
“This investment will help us build back better and make town centres a more attractive place to live, work and visit.”
The Old Kent Road is central to the council’s plans to provide 20,000 new homes. However, a large tranche of those homes will only be ‘unlocked’ if the Bakerloo tube line is extended from Elephant and Castle.
Last year, TfL officials admitted the project would be unaffordable in the short term, after having its finances ravaged by the coronavirus pandemic.