The London Borough of Southwark’s Council Cabinet has today (5th February 2025) agreed to sell the Folgate Site at 711-733 Old Kent Road to Weston Homes.
Subject to planning consent, Weston Homes plans to develop a residential scheme on the 0.9-acre site, which represents a significant investment of around £80m.
The project is set to provide 200 mixed tenure homes, with 50% classified as affordable housing, including a minimum of half designated for social rent.
The existing industrial building on the site will be refurbished to include 30,000 square feet of commercial space.
This space may also accommodate new healthcare services supported by NHS South East ICB.
For the new residential construction, Weston Homes announced its plan to use British Offsite, an MMC subsidiary, focusing on light-gauge steel frame construction.
The materials will primarily come from the UK, benefitting domestic workers and supporting the local economy.
Bob Weston, chairman of Weston Group, said: “This is an exciting day at the start of a new journey for Southwark and the Weston Group.
“Today’s decision shows the Council’s clear support behind our competitive offer for the regeneration of the Folgate site.
“We look forward to working with Southwark Council in the months and years to come.”
Councillor Helen Dennis, cabinet member for new homes and sustainable development at Southwark Council, said: “The redevelopment of the Folgate site will be another positive step in our efforts to renew the whole Old Kent Road area, delivering the genuinely affordable homes, green spaces and infrastructure that we need.
“I’m really excited to be moving forward with Weston Homes on a plan which will deliver 200 new homes with 50% being much-needed affordable housing and at least half of those being social rent – vital for those residents who are on Southwark’s housing waiting list.
Dennis added: “The scheme will also refurbish and reuse the locally listed Victorian building and its shop frontages on the Old Kent Road and has the potential to deliver a new state of the art Health Centre, which we hope to deliver working in partnership with the NHS.”
