Development Securities and Transport for London have signed a joint venture to develop a one-acre site above and around Southwark Underground station, SE1.
The Blackfriars Road development will combine Algarve House – the vacant office building on which DevSec has an £8m option – with surrounding and adjacent land.
In total it provides space for a 225,000 sq ft residential-led regeneration scheme that will include 300 residential units as well as retail and leisure space.
TfL director of commercial development Graeme Craig: “Our joint venture with Development Securities is another example of the work we are doing to maximise our assets while generating vital revenue that we can invest in the transport network.
“The development above and around Southwark Underground station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long.”
