Despite a last minute agreement today that allows Toys R Us to avoid entering administration, plans will proceed to close 26 stores with the loss of 800 jobs. One of those is on the Old Kent Road.
It’s no real surprise. It’s a large shop and car park sitting on land that’s worth a substantial amount. Expect housing plans on the site with hopefully some commercial/retail at street level.
Development plans have recently spiked on the Old Kent Road, in part due to the Bakerloo Line extension planned to run along the entire length. Though that’s at least 12 years off unless it can be sped up.
The danger in delaying commencing extension work is that many needed homes are not built, and developers that do build avoid paying a levy to assist funding any extension whilst profiting from the prospect of taxpayer investment.
A huge amount of land along the road is occupied by low density buildings: shops, warehouses and car parks. It could accommodate many thousands of new homes whilst retaining existing uses at ground floor level.
I’m writing up a post covering the recent large growth in Old Kent Road housing plans.
Mass development and improved transport offer the chance to turn one of London’s oldest and most famous streets into what it deserves to be; a grand, wide boulevard heading into the heart of London along the lines of similar streets in European cities.