Regal London acquires Devonshire Place, a 0.7-hectare site to deliver a new purpose-built student accommodation scheme. The site is located at 747-759 Old Kent Road and 765-775 Old Kent Road – opposite the proposed new Bakerloo Line station on Old Kent Road in the London Borough of Southwark.
Regal London proposes to deliver a PBSA scheme to include 900 beds plus 220 on site new affordable homes including large new family homes. The scheme will also include commercial and community spaces, alongside considerable new public open space and major infrastructure upgrades.
Proposals also include a new public park including children’s play areas and new pedestrian and quiet way routes linking to existing neighbourhoods, and Old Kent Road and adjacent street upgrades including separated cycle lanes and new bus stops. The proposals will be submitted to Southwark later this year.
“This is a fantastic opportunity in the middle of the Old Kent Road Opportunity Area. As an agile developer, we have recognised that high quality student accommodation has the potential to enable the delivery of a significant quantum of affordable housing, thereby unlocking this challenging site.”Simon De Friend, Co-Founder, Regal London
The acquisition of Devonshire Place is the second for Regal London in the first quarter of 2023, following the purchase of the 11-acre Great North Leisure Park in North Finchley, Barnet.
This is also Regal London’s second PBSA scheme following The Society on High Road, Wembley in Brent, where planning has been granted for a range of new student homes delivering an energy efficient, sustainable lifestyle for its 349 residents. The Society has sustainability and wellness at its core, and is targeting BREEAM Excellent, WELL & WiredScore Platinum – one of the first PBSA assets in the UK with WELL Platinum accreditation for health and wellbeing.
Regal London is one of the capital’s leading privately owned mixed-use developers with a focus on unlocking value from complex urban settings to transform London’s landscape. Regal Barkwest Limited is bringing forward new plans for this site, and Shaw Corporation are the planning lead/development manager for Regal Barkwest Limited. Regal London is the delivery partner.