2nd Mar 2015 09:11
LONDON (Alliance News) - Development Securities PLC on Monday said it has signed a joint venture with Transport for London to redevelop a one-acre site above and around Southwark underground station on Blackfriars Road.
Development Securities said the work will combine three sites, comprising Algarve House, on which Development Securities owns an option agreement, adjacent land owned by TfL, and the air space around Southwark station.
Development Securities and TfL will undergo an extensive consultation process with Southwark Council, local businesses, residents and the wider community over the coming months as the masterplan for the site, designed by architects AHMM, is developed, ahead of submission of the planning application later this year, the company said.
"Our site is 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," said Julian Barwick, director of Development Securities.
In a separate statement, the company said it has completed the sale of Tubs Hill House, near Sevenoaks station in Kent, for GBP11 million to Prime Place. Development Securities will make a GBP11 million profit on the sale, it said.
Shares in Development Securities were down 0.4% to 250.50 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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