Regal London has acquired Devonshire Place, a 0.7-hectare site 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. Mizrahi Tefahot Bank has funded the acquisition in its first deal with Regal London. The proposed new development will include a best-in-class Purpose Built Student Accommodation (PBSA) scheme comprising around 900 beds, plus 220 on-site new affordable homes including new large family homes, commercial and community spaces alongside considerable new public open space and major infrastructure upgrades. The proposals include a new public park including children’s play areas and new pedestrian and quiet way routes linking to existing neighborhoods, 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 Regal London’s second PBSA scheme following The Society on High Road, Wembley in Brent, where permission 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 well-being.
Simon De Friend, Co-Founder, Regal London commented: “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.”
Adam Jaffe, Head of Property, Mizrahi Tefahot Bank Ltd said: “This is our first loan to Regal London, and it is exciting to be involved with a property that will benefit from the repositioning strategy that the Regal team will deliver. This loan perfectly fits our ambition to support high-quality clients with their strategic business plans where we can bring additional value through our relationship-focused approach and in-depth property knowledge.”