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Avanton has confirmed the planning for their Old Kent Road development The Ruby, which will incorporate over 40% affordable housing following a successful planning application.
The new development will redevelop the site known as The Ruby and is the first development to commit to delivering over 40% affordable housing in the Old Kent Road Opportunity Area, which has potential to create over 20,000 new homes.
Following its successful planning application, Avanton’s Old Kent Road development will create 1,152 new homes over five new buildings, a new community sports hall and fitness centre, new connections and open space including a public park, flexible commercial space including incubator workspace and studios for local entrepreneurs, and private residents’ amenities.
Two buildings on Old Kent Road will also be retained as part of the scheme, which will dramatically improve the streetscape of Old Kent Road, with active frontage accessible for local businesses.
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.Disclaimer
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Avanton and Housing Growth Partnership have unveiled the first look of THE BeCa, a £130m residential tower set to launch at The Ruby development on Old Kent Road in London SE15.
Construction on The BeCa is underway and set to offer 262 design-led homes, with 40% being affordable, for Londoners to buy.
The off-plan sales launch will take place later in Spring 2023, with dressed show apartments available later this year and the first residents moving in late 2024.
This exciting regeneration scheme is a joint venture between leading London investor-developer Avanton and social impact investor Housing Growth Partnership. The goal of the partnership is to deliver 1,000 homes to Londoners over the next five years.
The BeCa, standing 18 stories tall, will feature studio, one- and two-bedroom apartments inspired by New York's TriBeCa neighbourhood and designed by award-winning architecture firm Farrells. Every home will boast a private balcony and access to three landscaped roof gardens, with 22,195 sq ft of retail space and 2,500 sq ft of amenities including a flexible workspace, games room and day porter.
Old Kent Road presents the last major regeneration opportunity in Zone 2 with £10 billion of redevelopment planned for the next decade, including over 40 developments. The Ruby Triangle masterplan will bring a new vibrant mixed-use neighbourhood with 1,400 homes, commercial space and a central park. The proposed Bakerloo Line extension will aid the transformation of the area into a cultural centre for South London.
The BeCa is excellently connected, with London Bridge and Elephant & Castle train stations nearby and 15 minutes by bike or foot to Borough and South Bermondsey.
The first phase at The Ruby is known as 'The BeCa'. The building will comprise 262 new homes with 40% affordable housing.
Named after the trendy Tribeca neighbourhood in Lower Manhattan, New York City, the new homes in this building are characterised by their industrial-inspired architecture and interior design elements, such as exposed brick walls and high ceilings.
Just like the sought-after Tribeca, Old Kent Road has a rich industrial history. In the 18th and 19th centuries, it was home to a number of breweries, brickworks, and gasworks.
The expected completion of The Beca is in the first quarter of 2025.
Silbury Finance, the Oaktree Capital Management-backed development lender, has provided Avanton with a £68 million stretch facility for the redevelopment of the former Carpetright warehouse into 262 mixed-use flats.
The construction of the scheme will start in September 2022, with the first homes ready for residents in H2 2024 and the remainder in the early part of 2025. Alongside 23,142 sq ft of commercial space, residents will benefit from two adjoining squares and a community park as well as the areas excellent public transport connectivity, with both Bank and Oxford Circus tube stations less than 30 minutes away.
Gavin Eustace, Founding Partner at Silbury Finance commented: “Against a backdrop of high inflation and rising interest rates, the UK urban residential sector continues to demonstrate its defensive characteristics and remains one of our conviction calls. As we remain on target to reach half a billion pounds of lending by the end of 2022, we will remain highly disciplined, targeting structurally undersupplied sectors and partnering with experienced developers with a track record of delivering successful projects.”
Omer Weinberger, Chief Executive Officer at Avanton, commented: “Securing this finance package is a major milestone for our Old Kent Road ambitions, where we are delivering a range of housing types to meet the urgent need of Londoners. The Silbury team have deep experience in this part of the market, which now more than ever is critical, and we look forward to growing the relationship.”
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