The former Carpetright warehouse will be turned into 262 new homes, of which 40% will be affordable housing.
170 homes will be for private sale.
Some 20,000 sq ft of commercial space will be delivered on the ground floor of the buildings.
Aerial view of Old Kent Road
The homes have been designed by Farrells — with a focus on creating an “ambient community” and landscaped spaces — and will be located in two towers of 10 and 19 storeys.
A significant proportion of the properties will be three- and four-bedroom homes.
The scheme is the third element of Avanton’s regeneration masterplan for the area, aimed to deliver over 2,100 homes with a total project GDV of £795m.
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Omer Weinberger, chief executive at Avanton, said: “Avanton is committed to our extensive regeneration plans on Old Kent Road, with a trio of important sites that will bring new homes, amenities and public space to the area.
“We are delighted that Southwark Council has approved our plans for the redevelopment of the former Carpetright site into a new £130m scheme.
“The design focuses on creating a sense of community and providing extensive outdoor space for residents to enjoy, which is proving more than ever to be a key priority for buyers.
“Old Kent Road is an excellent location that is truly accessible to many Londoners, with most units qualifying for the government Help to Buy scheme, which makes [them] attractive both to owner occupiers and long-term investors.”
Luke Osborne, director at Urban & Provincial, added: “The former Carpetright warehouse, which is circa 25,000 sq ft in size, is currently vacant, which will allow construction to start without delay.
“Works are planned to begin in early 2021, with completion in Q4 2022.”