Southwark Council has agreed the sale of a London site to Weston Homes to build 200 mixed-tenure homes, which will have an estimated market value of £80m.
The Essex-based developer will bring forward the Folgate site scheme, subject to planning consent, on Old Kent Road. Half of the homes will be affordable, with at least 50% for social rent.
Subject to a planning consent, Weston Homes will bring forward an £80million residential-led scheme, planning policy-compliant, on the 0.9-acre site representing a substantial investment into Southwark. The development will include 200 mixed-tenure homes, with 50% as affordable homes, of which at least half will be social rent.
An existing industrial building on the site will be refurbished to provide 30,000 sq.ft. of commercial space which will offer a range of opportunities for Southwark, including the potential for a new healthcare space, which is back by the NHS South East ICB who have stated their intention to provide health services from the site.
For the new build residential part of the scheme, Weston Homes will utilise its Modern Methods of Construction (MMC) subsidiary, British Offsite, using the next generation in light-gauge steel frame construction, produced in one of the largest automated assembly lines in Europe, to develop this site.
With components produced from the Weston Group's factory in Braintree, Essex, the homes will be constructed using materials predominantly produced in the United Kingdom, supporting domestic workers and the UK economy, alongside enabling the faster delivery of the homes.
Bob Weston, chairman of Weston Group, said: "This is an exciting day at the start of a new journey for Southwark and the Weston Group. Today's decision shows the Council's clear support behind our competitive offer for the regeneration of the Folgate site. We look forward to working with Southwark Council in the months and years to come."
Cllr Helen Dennis, cabinet member for new homes & sustainable development at Southwark Council, said: "The redevelopment of the Folgate site will be another positive step in our efforts to renew the whole Old Kent Road area, delivering the genuinely affordable homes, green spaces and infrastructure that we need. I'm really excited to be moving forward with Weston Homes on a plan which will deliver 200 new homes with 50% being much-needed affordable housing and at least half of those being social rent – vital for those residents who are on Southwark's housing waiting list. The scheme will also refurbish and reuse the locally listed Victorian building and its shop frontages on the Old Kent Road and has the potential to deliver a new state of the art Health Centre, which we hope to deliver working in partnership with the NHS."
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