An industrial site in Bermondsey will be redeveloped, creating a 406-home scheme, it has been announced.
London Square has acquired the 1.9-ha former Rich Industrial Estate, once home to food company Crosse & Blackwell, from Rich Investments for £50 million.
The site, bewteen Willow Walk, Crimscott Street, Curtis Street and Grange Road, currently comprises nine industrial and business buildings.
The developer has planning permission for six residential buildings – The Tannery, The Blackwell, The Hide, The Crosse, The Pickle Factory and The Canning – together with 21,000sq m of commercial, retail, art gallery, storage floor space and small business hub.
London Square Bermondsey, launching in 2017, will include 35% affordable housing.
Mark Smith, development director at London Square, said the deal for the site was “great news for Southwark”.
“We are looking forward to creating a new chapter for the entire site, with new homes, shops, an art gallery, business spaces and new jobs,” he added.
“Bermondsey is now one of the most fashionable districts in London, with a great creative vibe, and London Square will build on this to redefine this as a new destination in SE1.”
Cushman & Wakefield acted as the selling agent. Jack Simmons, partner of residential development and investment at the company, said: “This is a hugely significant site which will deliver much needed regeneration in a strategic location within Southwark.”
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