U+I, a regeneration developer and investor, has been granted planning permission for the £500m 8 Albert Embankment scheme
Held in a joint venture with London Fire Commissioner, 8 Albert Embankment will deliver 145,000 sq ft of office, hotel and retail space, which will support over 1,260 jobs. As well as 443 new homes, of which 172 will be shared ownership and low-cost rent.
The regeneration proposal will also feature a new modern fire station, which is part of a programme of renewal by the London Fire Brigade designed to provide maximum safety for Lambeth residents.
The site will also be a new permanent home for the London Fire Brigade Museum which will help teach people of all ages about fire safety.
The 8 Albert Embankment scheme is expected to deliver £25-35m profit to U+I over the lifespan of the project, with development management fees starting in 2021.
This is a significant milestone for the business and the first of five planning decisions with a GDV of £2.7bn targeted in the coming 3-6 months.
Richard Upton, chief development officer at U+I, commented: “This publicly owned asset is one of too many that have sat redundant for too long. Our unique partnership with London Fire Brigade will breathe life and productivity to this heritage site on the River Thames.
“With more than 1,000 new jobs, a reprovisioned fire station, a fire museum and 40% affordable housing our proposals will deliver huge social and economic growth for London. We have designed a world-class regeneration project at 8 Albert Embankment and now we can deliver it.”
The development is subject to appropriate procedural and judicial process.
U+I expects work to start on the 8 Albert Embankment site in 2021 and completion is expected in 2025.