Alongside 1,548 new homes for rent and a school, Bermondsey will now benefit from new play and public spaces, including a large public roof terrace. Businesses in the area will enjoy greater footfall and additional local spend and new job opportunities will be created through 150,000 sq ft of flexible employment space.
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Greystar Real Estate Partners has acquired the former Peek Freans biscuit factory site in Bermondsey from Grosvenor.
The scheme will feature 1,548 homes, extensive play and public spaces, including a large public roof terrace and pedestrian walkways. It will help to create new job opportunities through 150,000 sq ft of flexible employment space, driving additional footfall for local businesses.
The site will incorporate new homes for a range of rents, a new secondary school and employment, and cultural and retail spaces, interwoven into the neighbourhood. The development will include historic buildings in the area into the plans.
Since entering the UK market in 2013, Greystar has built up a property portfolio worth £6.5 billion, comprising more than 14,300 units that include both multifamily rental accommodation and student accommodation.
Greystar will execute the acquisition of the Bermondsey scheme through its strategic partnership with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”). In December 2021, Greystar announced a new strategic partnership with ADIA of up to £2.2 billion to develop BTR housing in London and its surrounding commuter towns.
Mark Allnutt, Senior Managing Director – Europe, Greystar, commented: "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."
Heather Topel, Director of Development, Grosvenor, said: "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."
Savills London Development Land team acted for Grosvenor.
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