Development Securities and Transport for London has formed a joint venture to create a mixed-use scheme at Southwark Underground station.

The one-acre site above and around the London Underground station on Blackfriars Road has potential for a 225,00 sq ft landmark scheme, led with 300 flats.

The development site combines three sites: a vacant office building, Algarve House; adjacent land owned by TfL including the air space above Southwark Underground station; and further land around the station owned by the London Borough of Southwark

Located between the Elephant and Castle regeneration area and the South Bank, the high rise project including developing air-rights would deliver over 300 flats as well as shops and restaurants.

Development Securities and TfL have signed up architect AHMM to develop a masterplan ahead of submitting a planning application later this year.

Julian Barwick, Director, Development Securities said: “Our site is located within an exciting area of Southwark with huge potential to deliver a development that creates new employment and housing opportunities as well as considerable new public realm and leisure opportunities.

“Following our success at 10 and 12 Hammersmith Grove, we are delighted to have joined forces again with TfL to create a partnership that has the expertise and ability to deliver a significant regeneration development for the local area.”

Graeme Craig, Director of Commercial Development, TfL said: “The development above and around Southwark Underground station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long.”