London Borough of Lambeth has completed an agreement with Muse Developments to undertake the development of a new town hall complex comprising some 14,000 sq m of new and improved accommodation in the heart of Brixton, which will incorporate the 100 year old town hall with its distinctive clock tower.
LSH to continue advising the council
LSH will continue to advise the Council through the completion of the site assembly process and satisfaction of the conditions precedent.
The £50m development scheme will be funded through the redevelopment and/or sale of seven office properties currently occupied by the Council where the optimum alternative use is likely to be residential development. The Council will also secure substantial revenue savings by the reorganization.
Saving £4.5m a year for Lambeth
Cllr Paul McGlone, Cabinet Member for Finance, said "This is a good deal for Lambeth – it will save at least £4.5 million a year, deliver 275 new [and] affordable homes as well as jobs for local people. It’s a smart deal too because by selling off our old and expensive office buildings we can make the development pay for itself."