Grosvenor proposes £500m investment plan for London site
Grosvenor Britain & Ireland proposes a £500 million ($636 million) investment plan for the 12-acre former biscuit factory site in London.
Grosvenor’s plan is located in the heart of Bermondsey. It would host around 1,500 new rental homes.
“London’s housing shortage is too often creating polarized outcomes, with homes for the few who can afford to buy them, and those allocated social rented accommodation,” said Craig McWilliam, chief executive of Grosvenor Britain & Ireland, in a statement. “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.”
The plan, designed by award-winning, international architects Kohn Pedersen Fox Associates, outlines ambitions for a physically integrated neighborhood with a brand new 600-place secondary school at its heart, more than 110,000 square feet of new public spaces and almost 20,000 square feet of new playspace.
McWilliam adds, “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.”
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 more than 900 new jobs, opportunities for new and existing businesses, and an annual boost to local spending of £30 million ($38 million).