The joint venture (JV) of Helical, a real-estate company, and Transport for London’s property arm Places for London has secured planning approval for a new development project above the Southwark Tube station in London, UK.

The scheme will provide purpose-built student accommodation (PBSA) alongside affordable homes.

The proposed 15-storey PBSA scheme includes 429 studio apartments while an adjacent nine-storey building will comprise 44 affordable homes.

Designed by local architect Allford Hall Monaghan Morris (AHMM), the development will feature a new Bauhaus-inspired block to offer students a premium experience in a Zone 1 location.

The development's proximity to several universities is expected to help alleviate the demand on the private rental market in the area.

The JV is targeting a 4.5-star Home Quality Mark for the affordable housing project and Building Research Establishment Environmental Assessment Methodology Outstanding for the PBSA.

In addition to housing, the scheme will provide new retail and community spaces, including a shared garden and enhancements to the public realm.

Construction is set to begin in 2026, with completion anticipated for 2028.

The Southwark Tube station development is one of the first three sites that the Helical and Places for London JV is delivering.

The others include a 140,000ft² office building at 10 King William Street, with completion expected in December 2026, and a 235,000ft² office development at Paddington, with construction starting early next year.

Helical CEO Matthew Bonning-Snook said: "This planning approval is a further positive step forward in our JV with Places for London. Whilst the site benefitted from planning permission for a 220,000ft² office scheme, we have brought forward a more valuable proposition.

"This important site will deliver much in demand purpose-built student accommodation and affordable housing, along with high-quality public realm and significant benefits to the local community."