UK-based real estate developer Landsec has been selected as the funding partner of The Liberty of Southwark, a public-private partnership regeneration project.
The selection of Landsec, by regeneration specialist U+I and land owners Transport for London (TfL), comes after a competitive bidding process.
Located at London’s Bankside near Borough Market, the 6,880 m2 derelict site will be transformed into a mixed-use development and a cultural and social hub.
Due for completion in the summer of 2024, the scheme will add over 14,864 m2 of new office space, plus shops, restaurants, cafes, flexible small business workspace and new homes.
It will generate over 1,850 new jobs for the area and 36 residential units, including 12 for social rent and a further four for discounted sale.
Landsec, which acquired U+I in December 2021, paid £54.7 mln (€65 mln) for the land, receiving 100% ownership of The Liberty, increasing its existing Southwark pipeline that includes The Forge, Red Lion Court and Timber Square.
Scott Anderson, head of property development at TfL, said: ‘We look forward to working with our partners to deliver a sustainable and inclusive development that will have opportunities for small or medium businesses, as well as new homes and new public spaces for Southwark and London.
'This development is part of our overall portfolio strategy to create sustainable commercial income for TfL, which can be then used to reinvest in the transport network and new homes for London.’
Mark Allan, CEO of Landsec, commented: ‘This deal is another example of Landsec’s strategy in action, recycling capital into higher return opportunities.’
Designed by local architects Allies and Morrison, the scheme foresees the restoration of contemporary brick buildings recalling the historic Victorian industrial and commercial architecture.
Crossbones Graveyard, a post-medieval burial ground adjoining the site, will be safeguarded from development, while the local community will benefit from new pedestrian routes and new cycle parking, according to the firm.
U+I and TfL were advised by Gowling WLG and Savills, while Pinsent Mason advised Landec.
