Grosvenor has been developing proposals for 1,300 rental homes in Bermondsey over the last five years, working closely with the local community to bring the former Peek Frean’s factory back to life in a way that reflects their ambitions for the area.
Over and above new homes, Bermondsey would see long-lasting benefits from our investment, including a new school and community spaces, more local jobs and increased local spend − a significant and positive legacy for the area.
Here is our response to the planning committee’s decision to refuse our proposals.
Craig McWilliam, CEO, Grosvenor Britain & Ireland, said:
"After many years of working collaboratively with the council and community to develop proposals for a highly accessible and exemplary scheme we are obviously disappointed by the committee’s decision.
"Our proposals are for a neighbourhood accessible to the growing majority of Londoners who simply cannot afford to buy, do not qualify for social housing and want the many advantages of a secure, professionally managed home to rent.
"This includes Southwark’s many health, education, public order and fire service workers who can through, our proposals, afford to live close to where they work.
"We have talked openly to many in Southwark on the opportunities Build to Rent brings, but also the difficult choices, often between competing benefits, that must be made to deliver these new homes. We have also consistently acknowledged and sought to explain why the economics of our proposals mean they cannot support social housing.
"However, we also believe that the community should benefit from the scheme and share in any future success. In response, we included in our proposals an upwards only review mechanism, so that the borough would receive a larger affordable housing contribution if the scheme could support higher rents, or cost less than anticipated to build or run.
"As we reflect on the outcome, we would like to thank the many who have contributed to our proposals and supported us over the past few years."
Grosvenor’s view on our proposals for Bermondsey: here.
Analysis of the affordability of the proposed rental homes: here and here.
Summary of the financial assessment and housing offer: here.
For more information please contact:
Rob Fox, Director of Corporate Communications, Grosvenor Britain & Ireland
+44 (0)20 7312 6215
Rachel Garstang, Head of Media Relations, Grosvenor Britain & Ireland
+44 (0)20 7312 6957
Notes to Editors
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 world’s largest privately-owned property companies, which develops, manages and invests in property in more than 60 cities around the world.
As at 31 December 2017, Grosvenor Britain & Ireland had assets under management of £5.2bn.