Grosvenor Britain & Ireland have been granted planning permission for a Build to Rent (BTR) neighbourhood in Bermondsey. The former biscuit factory will be transformed and will be centred around 1,548 new rental homes – including affordable homes.
Following the decision to call in the application and act as the planning authority for the scheme by the Mayor of London in May 2019, Grosvenor worked closely with Southwark Council and the GLA to increase the level of affordable housing while ensuring the project and the other benefits remain deliverable.
The new designs provide 1,548 rental homes – 35% will be affordable housing, with 30% at social rent equivalent and 70% at discounted market rent.
The first phase of the scheme will deliver 359 BTR homes, of which 35% will be affordable. It will also include the delivery of a new 600 pupil secondary school and 8,155 sq ft of employment space.
Alongside new homes and a school, Bermondsey will now benefit from three acres of new play and public spaces and 141 new trees. Local businesses will enjoy greater footfall and an estimated increase of £22m in spend each year. New job opportunities will be created through 150,000 sq ft of flexible employment space, creating a lasting social and economic legacy for the neighbourhood.
Grosvenor also plans to make the neighbourhood highly sustainable. There will be no private cars on the site, and it will be built to stretching net zero carbon, zero waste and biodiversity goals.
Planning permission follows seven years of extensive engagement with the community, local organisations, the London Borough of Southwark and the GLA.
Simon Harding-Roots, Executive Director, Major Projects, Grosvenor Britain & Ireland, said:“This project speaks directly to our purpose as a business – to bring lasting social and commercial benefit to the communities where we work. All the approved homes are for rent, and none are for sale.
“Every home will be occupied and managed by a responsible landlord with a genuine long-term interest in ensuring the neighbourhood thrives.”
Image credit: Grosvenor Britain & Ireland