Grosvenor unveils masterplan for £500 million London development
Grosvenor has unveiled plans to change the face of Bermondsey in London with a £500 million draft masterplan that could become one of the capital’s largest build to rent developments.
Grosvenor's plan would host around 1,500 new rental homes, its latest public consultation has revealed. It would also provide a number of homes on a range of discounted market rents, reaching a wider spectrum of people.
Grosvenor is proposing significant investment to at a 12-acre former biscuit factory site.
The plan, designed by award-winning, international architects Kohn Pedersen Fox Associates, outlines ambitions for a physically integrated neighbourhood with a brand new 600-place secondary school at its heart, over 110,000 square feet of new public spaces, and almost 20,000 square feet of new playspace.
Approximately 85,000 square feet of ground floor retail, food, leisure and culture would be added with shops, services and facilities open to the community.
Development plans would also create conditions for over 900 new jobs, opportunities for new and existing businesses, and an annual boost to local spending of £30 million.
Grosvenor is testing its latest proposals after two years of local interaction and discussion.
Craig McWilliam, Chief Executive of Grosvenor Britain & Ireland, said: “London's housing shortage is too often creating polarised outcomes, with homes for the few who can afford to buy them, and those allocated social rented accommodation.
“We are sharing our ambitions in Bermondsey to meet the needs of many on low and middle incomes who are locked out of London’s housing market.
“We want to help create one of London's greatest neighbourhoods for people of mixed incomes, backgrounds and life stages. We want to manage these rental homes for the long term, responding to changing needs and extending Bermondsey’s rich history at the heart of a growing, global city.”