The property developer’s £500m investment plan would host around 1,500 new rental homes in the heart of Bermondsey in south London.
Grosvenor’s draft proposals outline the intention to purchase a 12-acre former biscuit factory site.
The plans also include the construction of new 600-place secondary school as well as 110,000 sq ft of new public spaces and almost 20,000 sq ft of new play space.
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Around 85,000 sq ft of ground floor retail, food, leisure and culture would be added with shops, services and facilities open to the community.
“London's housing shortage is too often creating polarised 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.
“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 development plans would also create 900 new jobs and it is estimated that it would provide an annual boost to local spending of £30m.
“We want to help create one of London's greatest neighbourhoods for people of mixed incomes, backgrounds and life stages,” added Craig.
“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.”
Grosvenor's plans will be on display in Bermondsey in Unit H.O.5 of the biscuit factory site from 15 -17th June.