A 1.4 million sq ft residential and office regeneration project on the south bank of the River Thames across from the City of London by the Carlyle Group has been approved by Southwark Council's Strategic Planning Committee.

The regeneration project will demolish the Sampson House data-centre and Ludgate House office building and replace them with a new neighbourhood containing around 490 new homes plus various commercial space.

Mark Harris, Managing Director at The Carlyle Group, said: "Our vision of an exciting new urban quarter on this prime Thames-side location has taken a significant step towards realisation with the council's decision to provide planning consent for our project. The site, which is right on the river, is currently extremely under-utilised from a physical, social, employment as well as cultural perspective and the support we have received from the local community and Southwark Council throughout this process, and last night, endorses our belief in the need for change. This is a once in a generation opportunity to create a vibrant new destination area, with homes, retail and leisure facilities which brings thousands of new jobs to the area, while at the same time allowing us to make a significant contribution to Southwark's wider housing requirements."

Over 3,700 jobs will be created, representing 1,450 more full time or equivalent jobs compared to what the current buildings provide.
The scheme will see 1.4 million sq ft of total floor space created, including 940,000 sq ft of residential, 450,000 sq ft of new offices, 35,000 sq ft of new public open spaces, 25,000 sq ft of retail and 18,500 sq ft of space for cultural use.  

Cllr Peter John, Leader of Southwark Council, said:  "This is an amazingly exciting project which will bring new homes, new jobs and new opportunities for Southwark and its' residents - everyone in our borough can benefit from developments like this.  It is further proof that Southwark is a new vital heart of London and not afraid to play its part in leading the whole city out of recession."

The development will comprise nine new buildings, the tallest of which will be a 48-story residential tower. Three of the new buildings will be on the western Ludgate House side of the site, with the remaining six constructed on the eastern Sampson House location.

Residential buildings will be positioned towards the north end of the site giving a riverside location and spectacular views of London, whilst office buildings will be located on the southern edge. The offices will offer space arranged over flexible floorplates from 2,500 sq ft - 13,500 sq ft in size.

The London Borough of Southwark, the Greater London Authority and Transport for London will benefit from approx £75m in Section 106 investment as a result of the development.