BY TOM CAMPBELL
A finance firm has secured £45 million to spruce up one of England’s oldest and Europe’s longest roads as businesses prepare to vacate the plot.
Link Asset Services has confirmed £45 million in financing for Avanton’s Ruby Triangle development along the Old Kent Road.
The mixed use project will see two towers of 48 and 40 storeys built, providing 1,152 housing units, 40 per cent of which will be affordable housing.
Link Asset Services’ head of real estate finance, James Wright, said: “This is an impressive scheme that will bring significant benefits to the local community.”
Avanton bought the 1.7 hectare plot from Southwark-born businessman Thomas William Pratt for an undisclosed sum back in 2017.
Businesses on the plot including Carpetright, Enterprise Rent-A-Car and Office Outlet will be forced to relocate before construction gets under way.
Mr Pratt, who sold-up for commercial reasons, said: “Every business was helped to be relocated and offered a bespoke deal. No one was left out in the cold.”
Nearby businesses have welcomed the project but say they are concerned about the impact of the construction work.
Business owner and resident Prem Poudel said: “For my business it’s going to be beneficial but I’m scared the noise and the vibrations are going to be a problem.”
The Ruby Triangle revamp is part of Southwark council’s Area Action Plan which aims to deliver 20,000 homes, a third of which will be affordable housing, 10,000 jobs and three schools over the next 20 years.
Councillor Mark Williams, cabinet member for regeneration and new homes, said: “We will effectively be building a new town on brownfield land in central London.”
The new town centre will be supported by the Bakerloo line extension (BLE) from Elephant and Castle to Lewisham, after public consultations ended in April 2017.
Councillor Williams said: “We know we need to be ambitious if we want to meet the need for more housing in London, while at the same time increasing employment opportunities and designing new neighbourhoods.”
An Avanton spokesperson said: “Honest to Avanton’s vision to do things differently, the Old Kent Road scheme will be a development built with community at its centre, creating much public realm to include a park as the green heart of the scheme.
“Avanton’s Old Kent Road development will prioritise pedestrians, with only car parking for disabled bays provided, thanks to an innovative car club and integrated Enterprise Rent-A-Car scheme.
“The development will also include cycle storage, and a social hub for repair and maintenance.”