Plans for Landsec’s new £320m office-led development at Red Lion Court, SE1, have been approved by Southwark Council.
The 11-storey block will offer 230,000 sq ft of grade-A offices, retail and public space, which will form part of the REIT’s 1m sq ft development pipeline aimed at creating a green office cluster in Southwark.
Located on the banks of the River Thames, adjacent to Borough Yards, the net-zero, Bjarke Ingels Group-designed scheme will offer floorplates ranging from 18,000 sq ft to 26,600 sq ft with outdoor spaces on every floor.
As part of the redevelopment, the existing nine-storey building, which was formerly home to Lloyds Banking Group, will be part-demolished and reused, with a focus on using low-carbon materials. In its most recent financial results, Landsec said its proposals have a total development cost of £320m.
Once complete, the site will also provide 3,638 sq ft of restaurant space, 2,465 sq ft of retail and 1,130 sq ft of fitness and wellness premises.
The finished building will also be fully electric and feature a sustainable urban drainage system to repurpose rainwater for future use. It will target WELL Core Platinum and BREEAM Outstanding ratings.
A number of local residents have submitted objections to the scheme, complaining about a perceived lack of consultation. Landsec was approached for comment on these objections.
According to the council’s report, the application was subject to one round of formal consultation, in May 2022. There were 102 objections from those consulted, with five responses in support.
It has also attracted criticism from neighbouring Premier Inn in a letter to Southwark Planning and Building Control, which stated that the proposed building is likely to have a “significant detrimental impact” on the hotel.
The hotel chain went on to state it “contends that this form of development will have an unacceptable overbearing impact on the hotel”.
Plans for the building were the result of a two-year public design consultation and have been drawn up with input from the local community and other key stakeholders, Landsec said.
More than 45% of the development will be open to the public, including an expanded Thames Path, a pocket park and a community garden.
Oliver Knight, head of workplace at Landsec, said: “The London market remains resilient, and through our work in Southwark, and more broadly across the rest of London and the UK, we are building a pipeline with optionality baked in – allowing us to bring forward products that offer the very best locations, amenities and sustainability credentials to the market at the most opportune time.
“With the Forge nearing completion and progress being made on site at Timber Square, this approval at Red Lion Court will unlock the next stage of the 1m sq ft green office cluster we are developing in the borough.”
The scheme is set to complete in 2026. Landsec has appointed Savills and Cushman & Wakefield as leasing agents. Gerald Eve is the planning consultant.
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