Global law firm Norton Rose Fulbright has advised property developers, PPR Estates, on the redevelopment of the Aldi store at 840 Old Kent Road in the London Borough of Southwark.
The site which secured planning permission in November will provide 168 new homes, including up to 40% affordable housing, a new modern store for Aldi and will deliver the re-generation of the neighbouring Brimmington Park.
This development is part of the £10 billion regeneration plan to transform the area around London’s Old Kent Road to create thousands of much needed new homes and jobs. The area will benefit from improved transport connections and infrastructure investment, including the London Underground Bakerloo Line extension. The approved scheme is a great example of collaboration between site owners and developers (Aldi & PPR) to achieve high quality intensification of a site within an Area Action Plan. The design delivers high quality housing, new retail space and significantly improved integration with the neighbouring environment.
The firm advised on all planning aspects of the scheme, including advice on the planning application, impacts of the Bakerloo Line extension and its effect on foundation design, compulsory purchase and compensation issues, environmental factors, the negotiation of the planning conditions and the s.106 agreement including detailed advice and drafting relating to the late stage review mechanism and scheme viability.
Sarah Fitzpatrick, head of planning in London, who advised on the deal, commented:
“We are delighted to have helped our client secure planning permission on this important site in the Old Kent Road Opportunity Area. The site is affected by TfL’s Bakerloo Line extension proposals and careful negotiation was required with TfL to ensure that both schemes could come forward. The negotiation of the s.106 agreement was challenging but a fair result was ultimately achieved.”