The forecourt sector may be bullish at present, but developers seeking to repurpose land occupied by filling stations are proving the asset class’s potential is almost limitless, with plans to demolish a Jet site in central London and construct two high-rise tower blocks in its place getting the go-ahead this summer.
The garage in question could hardly be in a better location, sitting adjacent to the south bank of the River Thames on Albert Embankment between Vauxhall and Lambeth bridges.
While currently trading as a filling station with a Londis shop, Lambeth Council this summer granted permission for developers to demolish this and a neighbouring four-storey office building and construct two tower blocks – one with 27 storeys and one with 30 – on the land.
Views from one of the towers will be partially obscured by buildings on the side of the road directly facing the river, but the Houses of Parliament will be visible from the other. The plot of land measures just 95m by 20m, and is only a mile and a half away from Nine Elms, the scene of huge regeneration in recent years, and home to the US Embassy.
Planning documents reveal student-accommodation firm Urbanest is leading the project alongside land owners Hotchkiss Ltd, which Companies House details is headed by John Hunt, the billionaire founder of estate-agent chain Foxtons.
While the developers initially wanted to build a hotel on the site, changing economic factors mean the high rises will feature 897 rooms for student accommodation, with University College London expected to reserve the majority, according to Architects’ Journal.
The ground floor of one tower will feature a café and the other will play host to what the developers term a “cultural incubator”, which a performing arts charity is set to occupy. The two towers will be joined by a “link building”, which will rise from the ground floor and contain four storeys of accommodation, together with a roof terrace.
