Transport for London has announced its preferred bidder to deliver a mixed-used development on its Landmark Court site in Southwark Street.
Triangle London Developments will join TfL in a joint venture to transform the site into a “cultural and social hub”, it has been announced today.
Around 80 homes are expected to be built as part of the development – at least 35 per cent of which will be affordable.
The site could also deliver about 130,000 sq ft of commercial, retail, and workspace.
It is one of the first five sites fast-tracked for development by the Mayor of London, Sadiq Khan, which overall will comprise 50 per cent affordable housing.
Proposals are expected to seek to maximise outdoor public space, improve walking routes on Southwark Street, Redcross Way, and Borough High Street, and provide access to the increasingly popular walkway along the Low Line.
The Cross Bones Graveyard, a historic graveyard for prostitutes and paupers, which adjoins the site, will be safeguarded.
If plans are approved, building work is expected to start on site in 2019 and be completed by 2022.
Graeme Craig, director of commercial development at TfL, said: “We are working with some of the best organisations across London to bring forward a portfolio of sites that will help to create the homes, jobs and work spaces London needs for the future.
“We look forward to establishing a long-term, joint venture partnership with Triangle London Developments to contribute to the Bankside neighbourhood, which has been known for centuries as a hotbed for London’s creativity and independent businesses.
“The development at Landmark Court will also provide vital revenue to invest in London’s transport network.”
Richard Upton, deputy chief executive at U+I, added: “We are privileged to have been selected to regenerate Landmark Court.
“This is an important site for the neighbourhood and an important site for London, steeped in history and at the heart of our ever-changing city.
“There is huge opportunity to create something very special here that really adds to and compliments the fabric of the neighbourhood.
“We are looking forward to working with the local community and Southwark Council to bring forward plans that celebrate the identity of this place, respects the history of the site, and creates a vibrant future.”
Triangle London Developments is a consortium of U+I and Notting Hill Housing and is one of the partners on the TfL Property Partnership Framework.