The new £37.1m development (pictured above) – designed by architects TP Bennett – will provide 55 one-, two- and three-bedroom apartments, 35% of which will be affordable, alongside almost 20,000 sq ft of office space.
The boutique developer is partnering with Prime London Residential Development Fund II (PLRDFII), a fund managed by Savills Investment Management.
Permission was obtained after close collaboration with Southwark Council, TP Bennett and key advisers DP9 and DS2.
The development forms part of the wider Southwark area action plan, which will see estates refurbished alongside the creation of new homes, commercial and leisure spaces.
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“By engaging with Southwark Council’s planning team – as well as the local community – early on in the process, we feel confident that our proposal is one that not only meets the requirements for this key site, but also adds a new dimension to the area,” said Parul Scampion, COO at Fruition Properties.
“This is our first scheme with Savills Investment Management, the fund management arm of one of the largest real estate advisers in the world, reflecting confidence in our offering, our team and our approach to development.”
James Whidborne, fund director at Savills Investment Management, added: “This scheme marks the eighth planning consent we have achieved across our two London development funds and we are extremely excited to work with Fruition Properties to take it forward.”
Work is expected to commence imminently with completion scheduled for 2020.