WITH its array of independent shops, lively markets, diverse music and theatrical venues and the highest concentration of artists in the City, it is no wonder Deptford has been crowned as a cultural centre by the London Development Agency.

Regeneration work has begun in the area, which includes Paynes & Borthwick Wharves - a collection of 257 riverside apartments and penthouses in an 18-storey tower.

Residential and mix-use developer, Lane Castle, is heading the project.

The one, two and three-bedroom apartments, which benefit from private gardens and a large underground car park, have been a hit with home buyers with more than half being sold before the development was officially launched to the market last weekend.

Co-founders of Lane Castle Mark O'Grady and William Avery respect the cultural status Deptford has become known for and have highlighted their approach to preserve the charming cultural identity.

William said: "There is a clear line between rejuvenating an area and taking it over.

"While the latter may look more exciting in the short term, it can often erode an area's character and force out many of the people it was designed to help in the first place."

A thriving artistic community was the catalyst for regeneration in Hoxton in Hackney during the late 1980s.

As a result, original residents, who gave the area so much of its appeal, were driven out by the influx of people moving to the area and a dramatic hike in property prices.

Well aware of the effects rejuvenation had on the Hoxton community, both Mark and William make retaining the cultural and creative community a priority.

William said: "We are absolutely determined this should not happen in Deptford.

"To overdevelop an area and trigger excessive property inflation would be counter-productive in the extreme."

Lane Castle's ethos is to make a significant contribution to residents through urban renewal projects, working closely with the community to create a sense of place and a cultural hub.

This is evident in Deptford's regeneration plans.

Paynes & Borthwick Wharves will provide new art and workspace amenities for home-grown talent, as well as restaurants, cafes and a gallery in its 35,000 sq ft commercial space.

In addition, during development, 11,000 sq ft of internal space will be made available for events, shows, performances and presentation facilities for local and visiting organisations.

Paynes & Borthwick Wharves is one of a number of regeneration schemes marking Deptford's renaissance bringing culture to the forefront of its existance.