Southwark’s 50-storey tower deal to provide affordable homes fund

Southwark's 50-storey tower deal to provide affordable homes fund

Southwark council has approved a 50-storey residential tower on Blackfriars Road which will generate nearly £30m to build affordable housing elsewhere in the borough.

Last night the council’s planning committee accepted officer recommendations to approve the striking tower – to be developed by the Berkeley Group – which will include the potential for 180 affordable units to be located off site.

The development on Blackfriars Road includes the 50 storey, 274-home residential tower called 1 Blackfriars, a six-storey hotel and a four-storey building with retail space.

A community viewing gallery or ‘sky lounge’ will also be built on the 32nd floor of the tower, available for hire at reduced rates for local residents and schools.

In total, the council and local residents stand to pocket more than £40m from the development through section 106 money, the viewing lounge, the Community Infrastructure Levy and the £29m designed to offset affordable housing in the tower.

The council said it’s looking at building the affordable housing itself rather than appointing a housing association.

Councillor Peter John, Leader of Southwark Council, said: “This is an incredible amount of money and goes to show the great benefits for Southwark’s residents in working proactively with private developers to drive forward investment despite a backdrop of recession. It will go some way to deliver homes the capital desperately needs, across all tenures, and will welcome in a further economic boost to the already-thriving borough of Southwark.

“I am particularly pleased to see that the local community will have access to what will be a stunning London landmark and look forward to seeing the sky lounge being put to use by local people and businesses on a regular basis.”