South London estate agents – KALMARs – and commercial property experts – CBRE – have launched to the market a mixed-use development opportunity – Bermondsey Reach – in Southwark. With a GDV of over £135m, the development has direct access to a new overground station.
Bermondsey Reach – located at 79-161 Ilderton Road – offers the opportunity to acquire a site with resolution to grant planning permission for a 312 residential apartment-led scheme ranging from studio to three-bedroom apartments. The development offers 36% affordable housing provision, along with 4,833 sq ft of Class A1 retail floor space and 19,569 sq ft of Class B1 commercial floor space.
The Bermondsey Reach development will provide two separate buildings – a north and south building separated by play space and landscaping, both with modern brick facades featuring geometric detailing on one side and expanses of glazing on another. The north building includes four parts ranging from five to 28 storeys. The south building also includes four parts and ranges from three to 13 storeys. The development has a vast communal offering with 5,888 sq ft of communal amenity provision, 1,377 sq ft of children’s play provision and 4,672 sq ft of public open space provision.
“This is a landmark site that is extremely rare to be brought to market, hugging a Zone 2 station in one of the coolest areas of South London and clearly set for strong capital appreciation – Bermondsey Reach is a site that we know people are going to be talking about for many years to come!”Sebastian Kalmar, Residential Director and Development Consultant, KALMARs
The 0.55-hectare Bermondsey Reach development sits on a vacant site – which has the potential to generate income through a temporary use, previously being used as a lorry park. The site is located 200 metres from South Bermondsey railway station which provides regular National Rail services into central London. It’s also 0.2 miles from the 2025 planned New Bermondsey London overground station.
The site is located within an area that epitomises the modern, urban, trendy and well-connected lifestyle. It benefits from access to a wide range of local amenities, close proximity to the popular Bermondsey Beer Mile, Southwark Park and the excellent transport links providing easy access to the rest of London and beyond.
Bermondsey Reach forms part of the New Bermondsey regeneration area and the Old Kent Road AAP, with both areas being earmarked for significant regeneration. This further promotes growth and revitalisation in terms of employment, housing, town centre facilities, and infrastructure whereby interested parties can be confident of its appeal.
As part of a wider master plan surrounding large scale regeneration, local amenities, design, and existing connectivity, Bermondsey Reach is extremely well suited for Build to Rent. With just over 1,000 Build to Rent apartments currently under construction in Southwark, the supply / demand imbalance of Build to Rent is set to intensify further. The demand for well-designed schemes with good levels of amenity space close to transport links is set to continue. With 42% of Southwark’s population aged between 20-39 years old, KALMARs highlight this demonstrates a strong market for a new Build to Rent scheme.
“Bermondsey Reach is in a prime position to capitalise on the surrounding areas increasing popularity and capture a new wave of growth. We expect to see continued demand for well-designed schemes with good levels of amenity space as well as being situated close to transport links and local amenities.”Jonathan Allen, Residential Development, CBRE