Southwark (Parliament Politics Magazine) – Southwark Council approves site sale to Weston Homes for a £80m mixed-tenure housing project. It is set to deliver 200 new homes in London.
The developer from Essex will propose the Folgate site layout on Old Kent Road, pending planning approval.
At least 50% of the houses will be for social rent, and half of them will be reasonably priced. Weston’s contemporary construction company, British Offsite, which focuses on light-gauge steel frame building, will construct the new residences.
What does Southwark’s revitalization plan mean for Old Kent Road?
In the homes, Weston will also utilize parts made in its facility in Braintree, using materials that are “predominantly produced” in the United Kingdom.
The sale is part of a larger revitalization initiative for Old Kent Road and the Folgate Estate site. As of right now, Southwark aims to construct two new tube stations and 20,000 new residences.
Southwark Council’s cabinet member for sustainable development and new houses, Helen Dennis, stated:
“The redevelopment of the Folgate site will be another positive step in our efforts to renew the whole Old Kent Road area, delivering the genuinely affordable homes, green spaces and infrastructure that we need.
I’m really excited to be moving forward with Weston Homes on a plan which will deliver 200 new homes, with 50% being much-needed affordable housing and at least half of those being social rent – vital for those residents who are on Southwark’s housing waiting list.”
Additionally, an existing industrial building will be renovated to create 30,000 square feet of commercial space on the property. The NHS South East Integrated Care Board may use this area as a new healthcare facility.
Bob Weston, chair of Weston Group, said: “Today’s decision shows the council’s clear support behind our competitive offer for the regeneration of the Folgate site. We look forward to working with Southwark Council in the months and years to come.”
In a recent assessment of 76 local authorities that own stock, Southwark Council discovered that 67% of them run the risk of not being able to submit a balanced Housing Revenue Account budget for the fiscal year 2029–2030.
At the time, Southwark Council leader Kieron Williams stated that the council had been forced to put a halt to its homebuilding initiative “on a number of sites.”
How will the sale of the site impact the local community?
Local job opportunities are anticipated to be created by the development both during and after the construction phase. This can give locals jobs and help lower unemployment in the area.
The initiative will increase municipal tax income, which may then be used to fund infrastructure upgrades, healthcare, and educational programs. The general well-being of the community can be improved by this cash boost.
New commercial and residential buildings might boost foot traffic, which would help the area’s current businesses and possibly draw in new ones.