Southwark Council has voted in favour of Old Kent Road's £500 million, 1.42-ha Ruby Triangle development of three buildings, one to be a 48-storey skyscraper.
Designed by architect Farrells for developer Avanton and housing association A2Dominion, 40% of the 1,152 homes have been allocated as affordable (intermediate and social rent) and will also feature residential and communal amenities, commercial spaces, a sports hall and accessible open space.
Design partner at Farrells, Russ Hamilton, said: "This detailed consent through the planning process now allows us the opportunity to continue to support our client, Avanton, with its endeavour for the positive regeneration of the Ruby Triangle area.
"The design of these buildings and the Ruby Triangle scheme generally, all within Southwark's wider vision for the area, has been an excellent and rewarding challenge for Farrells."
The development will form part of the Old Kent Road Opportunity Area, where Southwark aims to provide around 20,000 homes, support 510,000 jobs, community facilities, public spaces and parks over the next 20 years ahead of the planned extension of the Bakerloo line to Lewisham, via the Old Kent Road.
Johnson Situ, cabinet member for growth, development and planning, said: "We recognise the concerns of some local residents, especially around the height of buildings. But we welcome the decision that this development offers the right balance of benefits for local people and will complement the area as part of the wider work we are doing to develop the Old Kent Road Area Action Plan, which is a work in progress and which we are working with local residents to put together."
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