The sale of a vacant warehouse to developer London Square has been completed following planning approval for a new mixed-use development.
Colliers International’s residential team sold Axion House in Silver Road, Lewisham, on behalf of Bike Alert in 2016 for £15million, subject to planning permission. Lewisham Council has now granted planning approval for the demolition of the warehouse building situated between the railway track and Ravensbourne River. It will be replaced by a development of 136 residential units, including 35 affordable, in buildings between five and 16 storeys high. In addition, ground and first floor commercial space will also be provided on the track side of the development.
Andrew White, Head of Residential at Colliers, said: “As with many land sales it’s not until planning permission has been granted that the sale can fully complete. It is great news for all involved that this development can now go ahead. Not only will this site provide a mix of housing but will also continue to provide employment opportunities locally. Vacant land in London is in short supply, so finding a location for development and agreeing a plan to meet the multiple needs of the local economy is essential.”
Adam Lawrence from London Square added: “We have worked closely with the local authority to find a workable solution for this site brought to us by Colliers. We’re pleased that planning permission has now been granted and that work can start in 2021 to breathe new life into the area.”