Old Kent Road has been shortlisted for funding from the government’s Future High Streets Fund.
Earlier this year, towns across the country were invited to bid for a share of £675m to transform their local high streets into modern vibrant community hubs.
Southwark Council’s application on behalf of Old Kent Road has progressed through to the next stage. The government will provide the council with £150,000 to develop its plans more fully, with the potential for £25m in funding if the application is successful.
Cllr Johnson Situ, Cabinet Member for Growth, Development and Planning said:
“We have an ambitious vision for Old Kent Road, to build on its unique creative character and make it a place where industry can thrive; people can enjoy cleaner, greener open spaces with better air quality and more sustainable transport options (like cycling and public transport); and we can deliver the social rent and genuinely affordable homes that Southwark needs.
“It’s fantastic to have this ambition recognised by our bid for Future High Streets funding reaching this next stage – guaranteeing us up to £150,000 to develop our bid for potentially millions of pounds worth of funding in the future, to put towards our proposals for the Old Kent Road area. This will help us support our local businesses and industries through the next few years as we create a thriving new town centre and nurture new businesses and organisations that will continue to provide jobs and opportunities for local people in the future.”
The Future High Streets Fund is designed to help local leaders implement bold new visions to transform their town centres and make them fit for the future. The money can be used to improve properties on the high street, improve transport and access into town centres and for converting retail units into new homes.
Southwark already has ambitious plans to transform Old Kent Road, including building 20,000 new homes and creating 10,000 jobs over the next 20 years.