What is essentially a
complete new city
of 40 developments and 8,000 homes with a total value around £10.7bn is being
built along Old Kent Road,
a report suggests.
The report entitled The Transformation of Old Kent Road – by south and east London estate agents KALMARS – says that old low-rise retail warehouses and factories are being replaced by high quality new apartment buildings and mixed use developments. These will provide circa 20,000 new homes, 8,000 in the first phase, and workspace for 10,000 new jobs and so create a new town centre and dynamic urban quarter for London.
KALMARS Managing Director, Richard Kalmar, says of the development here: “The £10.7bn investment in 20,000 new homes and commercial space will result in huge benefits, not only to the local community, but, given the scale and architectural ambition, to London in general.” He continues: “It may be a while before Old Kent Road replaces Mayfair on the Monopoly board but as an investment opportunity it has unrivalled potential and is very clearly destined to outperform other parts of central London in the short, medium and long term.”
Bundling up a large
quantity of new development as a ‘city’ is a novel concept but nevertheless a
very valid one. It should certainly help draw attention to future prospects for
an area which has tended to be overlooked in the wider London development boom.