The Carlyle Group has received planning permission to commence work on a mixed-use development on the Southbank.
Positioned opposite St Paul’s Cathedral, the development will be composed of 450,000 sq ft of London office space, 489 apartments, and 2,581 square meters of retail space. The project, which was approved by Southwark Borough Council, is also set to feature a residential tower, measuring 558-feet in height.
Mark Harris, managing director at the American-based global asset management organisation, commented on the project and its location in an emailed statement.
He said that the project’s location “is currently extremely under-utilised from a physical, social employment as well as cultural perspective.
“This is a once-in-a-generation opportunity to create a vibrant new destination area, with homes, retail and leisure facilities,” Mr Harris concluded.
Work on the project is scheduled to be completed between 2020 and 2023. As part of the planning approval conditions, Carlyle will pledge Â£65 million towards the building of affordable housing.
Carlyle’s development is just one of a number of projects being worked on in the area.
Work is set to commence on the redevelopment of the 27-storey Shell Centre building. There are also 27 developments currently being worked on the River Thames’ south side.
By: Kirsty MacGregor
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