The joint venture between Places for London, Transport for London’s property company, and central London developer Helical, will see 429 purpose-built student accommodation units and 44 affordable homes built on the site.
The development will also include a new Bauhaus-inspired block, which will house the student accommodation.
The project, designed by architects AHMM, will also include new retail and community spaces, including a shared community garden.
The development will aim to deliver the highest standards for sustainability and is targeting a 4.5-star Home Quality Mark for the affordable housing provision.
Scott Anderson, head of property development at Places for London, said: “It’s wonderful news to have received approval for our over station development above Southwark station.
“Designed to preserve the architectural heritage of the station and aiming for the highest of sustainability standards, our plans with Helical will bring new homes and provide real benefits for London.
“We’re proud to be providing improvements to the local community through new high-quality and affordable homes and student accommodation which will help to alleviate pressure on the housing market in the area.”
The development will also include improvements to the public realm, with an increase in greenery and active frontages on the Cut and Isabella Street.
Future residents will benefit from easy and fast public transport connections across the capital, with London Bridge and Waterloo within walking distance.
Matthew Bonning Snook, CEO of Helical plc, added: “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 220,000 sq ft office scheme we have brought forward a more valuable proposition at this important site which 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.”
The development is one of three initial sites that Places for London and Helical are delivering as part of the Platinum Portfolio joint venture.
A 140,000 sq ft office building at 10 King William Street is underway, and is due for completion in December 2026 in a supply constrained market in the heart of the City of London.
Another office development of 235,000 sq ft at Paddington is progressing and due to start early next year.
The proposals form part of Places for London’s wider housing programme, which will provide thousands of homes across the capital.
Work has started on Places for London sites across London that will deliver 4,300 homes, and more than 1,300 homes have been completed, of which 54 per cent are affordable homes.
Cllr Helen Dennis, cabinet member for new homes and sustainable development at Southwark Council, said: “We want decent homes for everyone in Southwark and I’m delighted this project to provide 44 much-needed council homes has the green light to move forward.
“I’m particularly pleased that we reached a creative solution, using our planning policies to turn a negative situation into a positive at Styles House.
“Even more local residents will now benefit from this deal, with 44 new council homes in a development that will also enhance the existing estate.
“I look forward to seeing building works getting started again here soon, delivering new council homes for those in need.”
