Grosvenor Britain & Ireland has assembled a circa 12 acre development site through two acquisitions in Bermondsey, Southwark, to create new homes for London, including those to rent in the private sector, affordable homes and community facilities.
The latest acquisition sees Grosvenor Britain & Ireland acquire 8.2 acres of Workspace Group PLC’s (“Workspace”), 10.6 acre Tower Bridge Business Complex which was granted hybrid planning consent earlier this year. The approved proposals for this part of the site include plans for 800 new homes,affordable housing, a new one acre public park and improved connections to local retail facilities. Grosvenor Britain & Ireland will also deliver new offices for Workspace on its retained 2.4 acre site providing Southwark with its largest hub for small businesses.
The agreement with Workspace follows Grosvenor’s acquisition of a neighbouring 3.5 acre site from Lewisham College (“LeSoCo”) earlier this year which is now home to the Compass School Southwark.
Peter Vernon, CEO, Grosvenor Britain & Ireland, said: “This is a very exciting opportunity for Grosvenor to help transform two currently underused sites in a vibrant London location, through a mix of new homes, community facilities, public spaces, and retail links complemented by Workspace’s innovative business hub.
“In addition to owning and managing great places in central London, our team has delivered large scale place-making projects across the UK for many years. We have exciting community developments in Barton, Oxford; Springside, Edinburgh; Liverpool and in Cambridge. This site in Bermondsey is an opportunity to use these skills to build and manage much needed housing for London too.”
Grosvenor Britain & Ireland will now consider the two sites together before consulting the local community on its development plans.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor Britain & Ireland aims to create value through our skills in placemaking anddesign, repositioning locations in ways that change customer perceptions and deliver results for our stakeholders. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain & Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres around the UK. As at 31 December 2012, Grosvenor Britain & Ireland had assets under management of £4.8bn.