Major plans for the regeneration of London’s South Bank have been announced.
Plans for the area include a 1.4 million square foot residential and office led mixed use development. It is hoped that along with providing around 500 new homes in the area, the mixed used building will encourage increased numbers of tourists in the area.
This ‘urban town centre’, located between the South Bank and Bankside, will be made up of 25,000 square feet of retail, 18,500 square feet for cultural use and 35,000 square feet of public open spaces.
This space will take the form of a children’s area, new gardens and a central square. This area of London is currently lacking open space so this new space is expected to be very well received.
The Carlyle Group is to submit a detailed planning application imminently.
Mark Harris, managing director of the Carlyle Group, said: “This is a once in a lifetime opportunity to truly regenerate and reinvigorate a large, important and extremely well located but underutilised site right on the River Thames.
“Our aim is to create a new and vibrant destination area through a phased, deliverable regeneration project that will deliver many new, and much needed, homes for London’s workforce, and bring thousands of jobs to the area.”
The urban development has been designed by PLP Architecture and will be comprised of nine new buildings between five and 48 storeys high.
It has been estimated that the project will create around 750 jobs during the construction phase and approximately 3,700 permanent positions upon completion. This will almost double the current number of jobs in the area.
Construction will take place in a series of phases and the project has been given an estimated completion date of between 2020 and 2023.
All buildings will be completed the highest levels of energy efficiency and sustainability.
“We are also very excited by the prospect of reopening east-west access by reinstating historic walkways, while at the same time helping to create a landmark physical gateway into Southwark,” added Mr Harris.