Development Securities and TfL form joint venture for redevelopment at Southwark London Underground station

The partnership has proposed to redevelop a one-acre site, incorporating land above and around Southwark London Underground Station, to provide 225,000 square feet of floorspace. The proposals include 300 new homes, retail space, restaurants and leisure facilities.

The partnership said in a statement that it will work closely with Southwark Council and the local community whilst a plan is being designed by architects AHMM.  A planning application is expected to be submitted to the Council later this year.

Julian Barwick, director of Development Securities, said the site was "located within an exciting area of Southwark with huge potential to deliver a development that creates new employment and housing opportunities as well as considerable new public realm and leisure opportunities".

"Our joint venture with Development Securities is another example of the work we are doing to maximise our assets whilst generating vital revenue that we can invest in the transport network," said TfL commercial development director Graeme Craig, in a statement. "The development above and around Southwark Underground station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long." 

Earlier this year, TfL announced it was seeking "a small number of property development partners" to develop around 10,000 square feet of potential sites, two thirds of which would be located in London Underground fare zones 1 and 2.