Plans for a 'landmark development' above and around Southwark Tube Station on the corner of The Cut and Blackfriars Road have been announced.
Development Securities and Transport for London announced on Monday that they have signed a joint venture agreement to redevelop a one-acre site above and around Southwark Underground Station.
The development site will combine three sites: Algarve House on Joan Street, adjacent land owned by TfL including the air space above Southwark Underground Station and further land around the station owned by Southwark Council.
In a statement, Development Securities said that the site "offers huge potential for a significant residential-led mixed-use regeneration of c.225,000 sq. ft. that would reposition this corner of Blackfriars Road to create a new landmark development".
The firm said that the the redevelopment would include more than 300 homes as well as shops and restaurants.
Architects AHMM – responsible for the nearby 240 Blackfriars building – have been appointed to draw up a masterplan. A planning application is expected later this year.
"Our joint venture with Development Securities is another example of the work we are doing to maximise our assets whilst generating vital revenue that we can invest in the transport network," said Graeme Craig, Transport for London's director of commercial development.
"The development above and around Southwark Underground Station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long."
Simon Hughes, MP for Bermondsey and Old Southwark, said: "A lack of affordable housing is the single biggest issue facing London. Any development above Southwark Underground Station should include affordable housing.
"The land is a public asset – and Transport for London has a duty to provide the best possible outcome for local people. I have asked TfL to make a commitment to include affordable homes on this site, and I will keep fighting to deliver the affordable homes our area so badly needs."