An update on Royal Street – Old Paradise Yard
For almost two decades, as part of our mission to build the foundations of a healthier society, we have been working to towards realising our ambition to create a major life sciences hub in South Central London.
As the landowner of the Royal Street site, we are proud of how the Old Paradise Yard has been temporarily put to use for a wide range of small business and community organisations, rather than left vacant over a number of years, while we have been working to achieve this.
Benefits of Royal Street development
The plans for this development are part of us delivering on our mission with a focus on people living in Lambeth, Southwark and more widely across London. If approved, the development would feature lab enabled space, capable of supporting life sciences with the potential to support medical innovation and develop cutting edge new healthcare technologies.
If approved, it would also create 133 new homes – of which 50% will be affordable, provide more than 6,200 employment opportunities in Lambeth and create affordable workspace space for small businesses and community groups.
Temporary use of site
Old Paradise Yard was always intended to be a temporary ‘meanwhile’ use and the current five-year lease ends in January 2024. We have always been clear it would end on this date. Over this five-year period, the temporary lease has been held by a main tenant who then sub-let it to the various businesses, charities and community groups that currently occupy the yard. We are concerned to hear that some sub-leases appear to have been granted by the main tenant beyond this date. The lease coming to an end has not been influenced by any objections to future plans for the site.
We acknowledge the concerns of people and businesses, and we are offering all sub-tenants on the site a support package to assist in relocating. Pending planning approval, the development will provide current sub-tenants on the site with the opportunity to take affordable workspace once it is completed.
Emma Davies, Chief Investment Officer at Guy’s & St Thomas’ Foundation said:
“We are bringing this important site back into permanent use as we wait on final planning approval to deliver the Royal Street scheme. This supports our vision to create a major life science hub in South Central London.
As a Foundation we have worked in Lambeth and Southwark for over 500 years with a focus on the health and wellbeing of the local community. The Royal Street proposals, if approved, would build on hundreds of years of medical innovation in the area and attract people, organisations, and ideas to create solutions locally for shared global health problems.
If approved, the development would also create over 9,000 sqm of affordable workspace, considerably more than is provided at Old Paradise Yard. This has been designed to support small businesses including current sub-tenants on the site with the opportunity for them to take affordable workspace, once it is completed, if appropriate. This is on top of the considerable benefits that the area would feel from the associated investment in advanced labs, affordable housing, and the employment opportunities that would be created.
Any Foundation profits from this development would be re-invested to support our mission to build the foundations of a healthier society.”
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