Under the college funding plan Carillion will deliver a major vocational skills centre for mainly construction trades together with capital receipts from the sale of the private apartments, affordable housing and a hotel.
The present plan is to build a specialist Lambeth College Skills Centre for vocational learning, potentially including a training hotel, and restaurant and conferencing facilities.
The flats will comprise a mix of private and affordable residential units for rent and sale.
The total costs of the scheme will be determined by the scale and specification of the residential and hotel facilities but it is presently estimated at £80m-£120m, with the new Skills Centre expected to cost £45m to build.
The site is located within the Nine Elms/New Covent Garden development area and the project is designed to ease huge industry skills shortage in the area as the vast Nine Elms, Elephant and Castle, Battersea and Waterloo projects click into gear.