OKR Regeneration, advised by Kalmars, has exchanged on the sale of a 3.5-acre development site, known as The Ruby Triangle, close to the Old Kent Road in South East London, to a joint venture. The purchasers of the strategic site plan to develop more than 1,000 homes, along with commercial space as part of a £520m mixed-use scheme
The site has been assembled by OKR Regeneration over a period of three years and is dominantly industrial in its nature and will allow for a major mixed-use scheme.
Tom Pratt of OKR Regeneration said: “Using our experience, market knowledge and contacts within South East London, we began assembling the Ruby Triangle site in 2014. All through the process we have had a very close dialogue with the London Borough of Southwark to ensure that the site became an intrinsic part of the Old Kent Road Area Action Plan.”
“The regeneration of the site will help to revitalise the Old Kent Road as a whole with mixed use neighbourhoods that provide housing, cultural and leisure facilities and high quality employment accommodation.
“South London will be one of the most important growth areas of the capital over the coming decades and our ongoing acquisition programme is focused on key locations where we see the greatest potential for growth,” he added.
Seen by many as pioneers in the South London market, the team at OKR Regeneration has previously been involved with other key sites and schemes in the area, including the mixed residential and educational development at 399 Rotherhithe New Road. The 19-storey regeneration project is the new home of the City of London Academy (Southwark), which will open in September 2017.
Luke Osborne, head of strategic land at Kalmars, added: “The importance of the regeneration around the Old Kent Road to London as a whole should not be underestimated. The potential of the area as a focus for economic growth in the capital over the next few decades is vast and is reflected by the investment being made into transport and infrastructure.”
Richard Kalmar, chairman of Southwark Chamber of Commerce and managing director of Kalmars, said: “This sale is highly significant for businesses in the Old Kent Road area. The development of the site will bring new life to the area, boosting trade, which in turn will bring new opportunities for both residents and local firms.”
