November 2012: Originally given planning permission back in October 2007, this 0.302 hectare site behind the East side of Walworth Rd has just been sold for ‘well in excess of the £4m guide price‘. Planning permission for ‘erection of a part 2, part 4 and part 5 storey building to accommodate 54 residential flats and 871.1sq.m of Class B1 (office/commercial) floorspace‘ was renewed from March 2011 on the site where nothing had happened in the five years in between. The site is off Walworth Rd down an alley between Mama Thai and Carphone Warehouse.
Kingsbury, the consultants who secured the sale wrote: ‘Kingsbury were appointed by the owners of a key regeneration site within the London Borough of Southwark to carry out a disposal. The site, located on the Walworth Road, benefits from planning consent for high density residential development but also offers potential for a range of alternative uses. Following a short open marketing process, a number of offers were received from a cross section of operators, with private sector developer Goldcrest proving the successful party and quickly exchanging unconditional contracts well in excess of the £4m guide price‘.
Goldcrest has already been the owners and then sellers of 120 – 138 Walworth Rd, where the new Dashwood Studios student flats are. In September 2010 they flogged that land to Watkin Jones Group, specialist in student housing.
You don’t really know the site is there unless you’re going to one of the small businesses there. It marks a significant point in Walworth’s development history, we think, that this kind of residential development seeks to fill hidden away land. It reminds us of Long Lane in The Borough which seemed to accommodate loads of new developments in all sorts of old warehouse yards, car-parks and empty sites. Yes, Walworth is now desirable! Question is, will this project actually get off the ground and be built or will it sit vacant for another few years before Goldcrest turn it around for more profit (as is their business)?
Interesting anyhow of one of the few examples of discovering land sale values locally. £4m+ gets you 0.302 hectares of prime Walworth Rd land with Planning Permission for a high density residential and commercial development.