The proposed Devonshire Place development at a site opposite the proposed new Bakerloo Line station will now include 220 affordable homes and 910 student bedrooms.
In addition, 600 sq m of commercial and community areas will be delivered across four buildings ranging in height from 15 to 28 storeys.
Regal has now bought the site and gone out to public consultation ahead of submitting plans to Southwark later this year.
The site first received planning permission back in 2022 as part of a wider planning application which included the Council-owned land adjacent to the site. Regal said this 565 flats project was no longer deliverable.
The new scheme being brought forward maintains the benefits of the consented scheme while being better aligned to the current market.
This is Regal London’s second purpose-built student scheme following The Society on High Road, Wembley in Brent, where permission has been granted for a range of new student homes delivering an energy efficient, sustainable lifestyle for its 349 residents.
Simon De Friend, Co-Founder, Regal London said: “This is a fantastic opportunity in the middle of the Old Kent Road Opportunity Area. As an agile developer, we have recognised that high quality student accommodation has the potential to enable the delivery of a significant quantum of affordable housing, thereby unlocking this challenging site.”