London: Old Kent Road Development
London for so many years has been popular for property transformations and a new project that is expected to bring 10,000 new jobs is planned for Old Kent Road. The new plans have been released by South and East London estate agency KALMARs will provide new homes and workspaces in a recent report by Bdaily. The Kent Road area is considered one of London's oldest routes between the city and the Kent coast.
Planning includes construction of 20,000 new homes and workspaces for 10,000 that will replace the low-rise retail warehouses and factories that will be the 'Urban Quarter' for the city.
Four elements of the new community is the first area known as the ‘Opportunity Area' described by KALMARs managing director, Richard Kalmar :
“Our new Old Kent Road Report explains how given the close proximity to central London this long overdue transformation has been held back by a lack of vision, which fortunately the Opportunity Area Action Plan has corrected, unusually the planning authority is actually more ambitious than some in the property world.”
“The £10.7 billion investment in 20,000 new homes and commercial space will result in huge benefits, not only to the local community, but, given the scale and architectural ambition, to London in general.
The second area close to the City and West End is Old Kent Road often referred to as the 'forgotten' location of Central London.
The third element expecting to bring growth potential of the Old Kent Road location will have it compete with other nearby residential developments including Clapham, Islington and Pimlico for housing values.
It is also expected the Bakerloo Line extension with two new Old Kent Road stations from Elephant and Castle to Lewisham will make the area attractive.
It is reported ES Home and Property that since 2006 property prices in the area have doubled to £800 per sq ft.
KALMARs managing director, Richard Kalmar, told Bdaily :
“The £10.7 billion investment in 20,000 new homes and commercial space will result in huge benefits, not only to the local community, but, given the scale and architectural ambition, to London in general.'
“It may be a while before Old Kent Road replaces Mayfair on the Monopoly board but as an investment opportunity it has unrivalled potential and is very clearly destined to outperform other parts of central London in the short, medium and long term.”
ES Home and Property reports that for Old Kent Road :
'Other factors include the rapid gentrification of neighbouring districts such as Bermondsey and Peckham, which has created a “spillover effect” as prices and rents are pushed upwards, according to the study from estate agents Kalmar.
Almost 32 of the advanced regeneration proposals could provide along with 8,000 homes an additional office and commercial space up to 900,000 sq/ft being available. An additional 48,000 sq ft of community facilities is planned.
Additional projects include a five-acre retail park with 1,113 homes and a 48 storey tower and square at Cantium, Old Kent Road. For the location of Malt Street, is a 5.7-acre development for 1,300 homes, 75,000 sq ft of commercial and retail space and 250-metre linear park.
In comments to ES Home and Property Johnson Situ, cabinet member for development and planning at Southwark council:
“We have an ambitious vision for the Old Kent Road; to build on its unique creative character and make it a place where industry can thrive, people can enjoy cleaner, greener open space with better air quality and more sustainable transport options, and we can deliver the social rent and genuinely affordable homes Southwark needs.”