Lambeth Council’s planning committee has resolved to grant planning permission for U+I’s scheme at 8 Albert Embankment, SE1, which has a GDV of £500m.
The regeneration of the former London Fire Brigade HQ is expected to deliver 145,000 sq ft of offices, hotel and retail space, as well as 443 new homes, a reprovisioned fire station and museum.
U+I expects to start on site in 2021 and complete the scheme in 2025, subject to appropriate procedural and judicial processes.
The PPP scheme is expected to deliver around £25m-£35m profit to U+I, with development management fees starting in the developer’s 2021 financial year.
It marks a significant milestone for the business, as the first of five planning decisions with around £2.7bn GDV targeted in the next six months.
Richard Upton, chief development officer at U+I, said: “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.”
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