The major Ruby Triangle scheme near the Old Kent Road has passed the final stage of planning approval allowing work to start on site towards the end of the year.
Southwark Council granted planning permission for the development last October, and the scheme has now been approved by the Mayor of London and the Section 106 agreement has been signed.
Ruby Triangle will be built on land between Sandgate Street, Verney Road and Old Kent Road, and is a joint venture between A2 Dominion Housing and property developer Avanton.
The scheme offers 1,152 apartments with one to three bedrooms, of which at least 40% will be affordable homes.
It will have a new sports hall as well as business space, commercial and retail uses, a tech incubator hub, a cycle hub and a public park.
The project is expected to take five years to complete, but residents should be able to move into the first phase by the end of 2021.
Omer Weinberger, managing partner at Avanton, said: “People and community are at the heart of Avanton. We build places for people, by people and are proud to have increased our affordable housing to over 40 per cent at Old Kent Road.”
Councillor Johnson Situ, cabinet member for growth, development and planning at Southwark Council, said: “With more than 1,000 homes to be built on site, this one scheme alone will deliver 250 of the 5,000 new social rent homes that we intend to build across the Old Kent Road area.
“In total, 40 per cent of the homes on this site will be genuinely affordable homes. With a new park, children’s play area and sports hall thrown into the bargain, I look forward to visiting as soon as work gets under-way.”
Jules Pipe, London’s deputy mayor for planning, regeneration and skills, said: “This is a hugely exciting scheme that will deliver much needed new homes and jobs, together with community facilities on Old Kent Road as the Mayor of London and Southwark Council work together to regenerate this part of the capital.
“I’m pleased that this scheme will deliver a significant amount of genuinely affordable homes, including many at social rented levels.”
For more news on what is happening on the Old Kent Road head to: https://oldkentroad.org.uk/news-events
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