21 February 2020
Bermondsey Build to Rent Scheme Given Green Light
Planning consent has been granted to Grosvenor Britain & Ireland for a build to rent neighbourhood in Bermondsey.
Planning consent has been granted to Grosvenor Britain & Ireland for a build to rent neighbourhood in Bermondsey, centred around 1,548 new rental homes including c.482* affordable homes on site.
This follows the decision by the Mayor of London in May 2019 to call in the application and act as the planning authority for the scheme. Since then, Grosvenor has worked closely with Southwark Council and the GLA to increase the level of affordable housing whilst ensuring the project, and its many other benefits, remain deliverable. Today, the Mayor approved the proposals.
The new designs provide 1,548 rental homes of which 35% will be affordable housing*, with 30% at social rent equivalent and 70% at discounted market rent.
The first phase will deliver 359 rental homes, of which 35%* will be affordable, as well as the delivery of the new 600 pupil secondary school and 8,155 sq ft of employment space.
Alongside new homes and a school, Bermondsey will now benefit from substantial new play and public spaces. Local businesses will enjoy greater footfall and an estimated increase of £22 million 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 this neighbourhood highly sustainable. It will be car free for residents, and be built to stretching net zero carbon, zero waste and biodiversity goals.
The resolution to grant 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.
“Since 2013 we’ve worked hard to become part of the community in Bermondsey and we are incredibly excited to get the green light for this development. I would like to thank local residents, the school, Southwark Council and the GLA for all their help contributing to these proposals. We are committed to the area and will ensure that the transformation of the biscuit factory happens quickly and directly supports all those living and working in this part of the borough.”
For further project information, please visit www.BelongInBermondsey.com or visit our project page here.
*Affordable housing policy for the GLA and London Borough of Southwark is expressed by habitable room not number of units, and therefore unit numbers are expressed as ‘circa’.
To find out more about Grosvenor Britain & Ireland's properties and places, click here.
About Grosvenor Britain & Ireland
Grosvenor Britain & Ireland creates and manages high quality neighbourhoods that are great places to live, work and visit. Our diverse property development, management and investment portfolio includes Grosvenor’s London estate of Mayfair and Belgravia and other developments in London, Oxfordshire and Cambridgeshire.
We are part of the Grosvenor Group, one of the largest privately-owned international property companies, which develops, manages and invests in property in more than 60 cities around the world.
As at 31 December 2018, Grosvenor Britain & Ireland had assets under management of £5.3bn.
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