Developer enters a joint venture agreement with Transport for London to bring forward 225,000 sq ft scheme

Southwark station

Source: Flickr

Development Securities has entered a joint venture with Transport for London to develop a 225,000 sq ft residential-led scheme above and around Southwark underground station in south London.

The development will combine three sites - Algarve House, a vacant, derelict office building where Dev Secs has an option agreement; adjacent land owned by TfL, including the air space above Southwark Underground station; and further land around the station owned by the London Borough of Southwark.

AHMM has been drafted in to masterplan the scheme, with a planning application to be submitted later this year.

Dev Secs said the site would be redeveloped to incorporate over 300 residential units, retail space and restaraunts.

Julian Barwick, director at Dev Secs, 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.”

Graeme Craig, director of commercial developmen at, TfL, said: “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.”

Last week Dev Secs announced its chief executive Michael Marx will step down at the firm’s annual general meeting on July 14.

The firm’s executive director, Matthew Weiner, will step up to become chief executive, while Richard Upton becomes deputy chief executive.