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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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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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