Ocubis has finally won planning consent from Lambeth Council for two 25-storey residential towers on Albert Embankment, SE1.
The plans propose 166 homes, with 48 being affordable − 29% − topped up by a S106 payment in lieu of £10m to achieve the equivalent of 40% affordable housing.
A total of £868,805 is also sought for the Mayoral Community Infrastructure Levy, along with £6,374,352 for Lambeth’s CIL.
The site falls within the Vauxhall Nine Elms Battersea Opportunity Area, which adopts a much higher CIL charge due to the lack of infrastructure in place across the boundary.
Over 23,000 sq ft of offices and 1,500 sq ft of retail are also planned.
Ocubis is an investment vehicle controlled by Jon Hunt, the founder of Foxtons. Hunt, alongside co-investors, bought the site for £7m through a vehicle called Hotchkiss, using the proceeds from the sale of Foxtons in 2007.
Ocubis originally hired Rogers Stirk Harbour + Partners to draw up a feasibility study, with a view to submitting plans, back in 2011.
The site has a troubled planning history, with applications going back as far as 2002, when Texaco planned to develop homes above the current petrol station.
DP9 is the planning consultant. Make is architect.
