Greystar announces today (1 September 2022) that it has exchanged contracts on a landmark Build to Rent scheme in Bermondsey, London from Grosvenor. Greystar’s teams acted on the transaction and Savills London Development Land team acted for Grosvenor.
Greystar will execute the acquisition of the scheme through its strategic partnership with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Greystar announced the new strategic partnership with AIDA in December 2021 of up to £2.2bn to develop Build to Rent housing in London and its surrounding commuter towns.
“The acquisition of Grosvenor’s Bermondsey development site represents another milestone reached in our ongoing strategy to develop thoughtfully designed and professionally-managed rental communities, particularly in light of the current shortage of high-quality rental property in the capital. We look forward to building upon the work Grosvenor has started to deliver new homes and amenities for the people of Bermondsey.”Mark Allnutt, Senior Managing Director – Europe, Greystar
Grosvenor received planning permission for the Build to Rent scheme in early 2020. Located at the former Peek Freans biscuit factory site, the scheme will deliver 1,548 new homes offering a range of rents. The neighbourhood will include extensive play and public spaces – including a large public roof terrace and pedestrian walkways.
The development will include a new secondary school and employment, cultural and retail spaces which will be interwoven into the neighbourhood – as well as historic buildings. 150,000 sq ft of flexible employment space will create new job opportunities and will drive additional footfall for local businesses.
Residents will benefit from being extremely well connected. The scheme is approximately a four minute walk from Bermondsey Underground station, which is serviced by the Jubilee Line where residents can reach London Bridge in two minutes, Waterloo and Canary Wharf in five minutes, Bond Street in 11 minutes and Stratford in 17 minutes.
“Our designs create a world-class neighbourhood infused with the history of Bermondsey in a way that both involved and connected its communities and interest in the opportunity to deliver this scheme was exceptionally competitive. Greystar has a strong track record, and environmental and community values aligned to our own and we are confident they will deliver it to an incredibly high standard.
“We will reinvest the capital from this sale into growth opportunities in our London portfolio and regional investment business.”Heather Topel, Director of Development, Grosvenor
Greystar entered the UK market in 2013, pursuing a growth strategy which has built its property portfolio, which is currently worth £6.5bn. The portfolio includes over 14,300 multifamily and student accommodation units. The developer has a proven track record of delivering sustainable regeneration sites which focus on the management of communities.