The Ruby

Avanton is dedicated to launching a promising new initiative aimed at benefiting the wider community. The timeline for this project spans an estimated four years, from the initiation of demolition to the completion of units. Throughout this period, Avanton is committed to maintaining an active engagement with the community, endeavoring to minimize any potential disruption caused by this development.

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.

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.”