Acorn and its joint venture partner Galliard Homes has started the year on the right track, having exchanged contracts to purchase three sites and a number of railway arches in SE1 from Network Rail.

Totalling 0.24 acres, the Bear Lane and Chancel Street sites are close to the Tate Modern and Blackfriars Road and currently used for car parking, storage and workshops. The site sits directly between Southwark Station, the Cut and Tate Modern on the Tate Trail.

Plans are being drawn up for a mixture of commercial and leisure uses which will form its own unique creative hub and be an important part of the ongoing regeneration of the South Bank.

The scheme will not only bring forward new office, gallery and creative retail space but will also improve the public realm and pedestrian links in the area.

Acorn and Galliard have already worked together on a number of successful joint venture developments both in London and in the regions including the previous award-winning development of the adjoining mixed-use site on Bear Lane, currently at 151 -157 Tower Bridge Road and at Hope House in Bath.

Acorn’s Acquisition Director Edward Heldreich MRICS, who will manage the development, said: “This site has incredible potential and working with Southwark we look forward to creating much needed modern, flexible commercial space and bringing back to life this underused corner of this vibrant part of the capital.”

David Biggs, Managing Director of Network Rail Property, said: “This sale represents an important step in the regeneration of the South Bank and is yet another example of how Network Rail is releasing land to enable exciting projects that have real benefits for communities, businesses and the wider economy.

“All the money we make from land sales is reinvested back into the railway to improve services for our passengers.”