Developer looks to create office-led masterplan around tube station
Development Securities has agreed a deal to buy a site in Southwark for a new office-led regeneration project.
The developer said it agreed to pay £8m for the Algarve House site, which sits adjacent to the existing tube station, but said it was looking to buy further land around the site to be able to build up a more comprehensive regeneration project.
It said it was currently working on a masterplan, with an outline application expected to be submitted in Q3 2014.
Director Julian Barwick said: “We see Southwark as a strong market for office development and the site is extremely well positioned being adjacent to Southwark underground and close to Waterloo. Our proposals for the site draw on our expertise in taking derelict or otherwise redundant land and creating value through a process of regeneration.”