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04/02/2021

London council acquires site for Bakerloo extension

Words: Laura Edgar
760 Old Kent Road / Southwark Council / Montagu Evans

Southwark Council has announced that it has acquired the former Toys R Us site at 760 Old Kent Road as part of its plans to secure the Bakerloo Line extension.

Increasing the borough’s housing supply also forms part of the plans.

The 2.59-acre site was sold by CBRE on behalf of the Joint Fixed Charge Receivers, and is currently being leased to retailer Lidl. This is due to expire in 2028.

The council said the site will become one of two new underground stations on the Old Kent Road, with at least 500 homes over the station.

Purchase of the site is the largest acquisition by the council as it seeks to bolster its council housing supply with 11,000 new homes by 2043. Other acquisitions included the former Currys PC World site at 589 Old Kent Road in 2019 for around 550 homes.

In January, Southwark Council’s updated Old Kent Road Area Action plan was launched for consultation. It features more plans for regeneration and housing provision.

Montagu Evans advised Southwark Council on the purchase of 760 Old Kent Road. Sam Blake, partner at Montagu Evans, said: “This is an important strategic site for Southwark, accommodating a new Tube station and increasing housing supply to help meet its ambitious targets. Better transport infrastructure will be a huge advantage to the area and this investment should make the process much smoother as well as providing the council with a good income stream while longer-term plans are being worked up.”

Jonathan Allen, residential development at CBRE, said the council’s purchase of 760 Old Kent Road followed a competitive open marketing campaign.

Image credit | Southwark Council, Montagu Evans

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