Over the next three years, Durkan will construct 134 new homes and over 45,000 square metres of commercial space.
Designed by PRP Architects, the scheme represents an £85 million investment into the area and will be 50 per cent affordable homes. This will include 28 homes for London Affordable Rent and 38 shared ownership homes, helping first time buyers get onto the property ladder.
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Peabody reworked the previous planning application, improving the quality of the design, creating a number of family sized affordable homes and increasing the number of homes from 124 to 134. The development will now have a mix of one, two and three bed homes and incorporate a communal landscaped podium deck at the heart of the development and a roof terrace sitting on the 17th floor.
Tom Williamson, Senior Development Manager at Peabody, said: "We are pleased that we can provide more affordable homes in Lambeth and this scheme reaffirms our commitment to our social purpose, to provide good quality homes for those who need them most.
"This development will not only create new homes, but it will provide new commercial space, which can be for retail or office use, revitalising the area and providing new spaces for the community."
Construction on the site is due to begin in Autumn 2021, with completion planned for early 2024.
