Joint sole agents KALMARs and CBRE have this week provided details of their residential led development opportunity in the London Borough of Southwark, known as Burgess Park View. It consists of a 0.24 acre freehold site at 14-22 Ossory Road, SE1 which has the benefit of an existing resolution to grant planning for a £36 million (GDV) development providing 71 apartments and 15,480 sqft of commercial space complete with double-height entrance foyers, roof garden and public realm.
Providing uninterrupted views of Burgess Park, the largest park in Southwark, the Burgess Park View is designed by award winning architectural practice Alan Camp Architects. The scheme is part 10 part 11 storeys high at its apex with its ground floor providing striking entrance foyers for the apartments and the commercial floorspace.
Once complete, the development would provide 49 private apartments, with the balance being intermediate and social rented housing. The private sale one, two and three bedroom apartments have been priced by KALMARs and CBRE at an average of circa £740 per sqft in price, an affordable and attractive price point, with over 92% of the private apartments anticipated to fall within the Government’s Help to Buy scheme. The 15,480 sqft of commercial space is arranged over lower ground, ground and first floor level, and according to KALMARs is anticipated to generate around £25 per sqft in rental income.
The consented development has a striking façade with covered balconies averaging 90 sqft in size, complete with feature brickwork and a spacious roof garden. The site is a two-minute walk from local shops and the bus routes of Old Kent Road and a short walk from South Bermondsey Station.
Sebastian Kalmar, Director at KALMARs says: “This site is perfect for developers that work in trendy areas and are seeking units within Help To Buy Pricing. The location is sandwiched between two of the coolest areas in London (Bermondsey and Peckham) with more attractive pricing and future potential.”
Jonathan Allen, Associate Director at CBRE says: “Burgess Park View is set to benefit from the substantial uplift that the regeneration and Bakerloo Line Extension will bring to the Old Kent Road area; whilst it is uniquely positioned as a gateway site to Burgess Park, and its success is not dependent on the masterplan being delivered in the short term.”
The Old Kent Road Action Plan zone is an award-winning masterplan and one of London’s key regeneration spots. It is currently undergoing a £10.7 billion transformation, providing 20,000 new homes and workspace for 10,000 new jobs, creating a new town centre for London. Southwark Council have also just been granted £10 million to revitalise the Old Kent Road Highstreet.