A scheme to develop student accommodation and new homes above London’s Southwark Tube station has been given the green light.

A joint venture between Places for London – Transport for London’s property company - and central London developer Helical, has received a resolution to grant planning approval from the London Borough of Southwark.

The development will comprise a 15-storey student accommodation scheme (PBSA), comprising 429 studio apartments and an adjacent nine storey building comprising 44 affordable homes, above Southwark Tube station.

Designed by architects AHMM, the development will include a new Bauhaus-inspired block which will house the PBSA element.

With several universities within a short journey from the station, the new development will also help to alleviate the demand on the private rental market in the area.

The joint venture is targeting a 4.5-star Home Quality Mark for the scheme’s affordable housing provision.

It will also offer new retail space and community space including a shared community garden, as well as improvements to the public realm through an increase in the amount of greenery and provision of active frontages on the Cut and Isabella Street.

Scott Anderson, head of property development at Places for London, said: “It’s wonderful news to have received approval for our over station development above Southwark station.

“Designed to preserve the architectural heritage of the station and aiming for the highest of sustainability standards, our plans with Helical will bring new homes and provide real benefits for London.

“We’re proud to be providing improvements to the local community through new high-quality and affordable homes and student accommodation which will help to alleviate pressure on the housing market in the area.

“We’re glad to be able to move forward with our plans where residents will benefit from new, high-quality public spaces, including a community garden space, new play spaces for children and shops around the station.”

The Southwark over station development is the one of three initial sites that Places for London and Helical are delivering as part of the Platinum Portfolio joint venture.

A 140,000 sq ft office building at 10 King William Street is under way and is due for completion in December. Another office development of 235,000 sq ft at Paddington is progressing and due to start early next year.

The proposals form part of Places for London’s wider housing programme, which will provide thousands of homes across the capital.

Work has started on Places for London sites across London that will deliver 4,300 homes, and more than 1,300 homes have been completed, of which 54 per cent are affordable homes.