In the middle of June it was revealed that Grosvenor Group, the property group owned by the Duke of Westminster, was planning their first build to rent project in London. They will create 1,500 rental homes in 11 blocks on a 12 acre site in Bermondsey, Southwark. These homes will be aimed at low and middle income renters, made available at discounts on market rates.
The project will be the first time in the 340 year history of Grosvenor Group that the company will work in East London. Traditionally their operations were constrained to prime areas such as Mayfair and Belgravia.
The diversification into other areas shows that investors are looking further afield for opportunities. It also shows that providers are looking to take advantage of the high demand for long term rental homes at affordable prices.
The site in Bermondsey was formerly the home of Peek Freans biscuit factory. The regeneration will see the creation of 11 residential blocks of varying sizes. The tallest of these is expected to be 25 storeys and will sit at the heart of the site. Homes will range from studios to three bedroom family apartments, ensuring there are a range of sizes to meet different needs.
The project will not be solely residential though. It will also feature the creation of 85,000 square feet of commercial space, 110,000 square feet of open space, 20,000 square feet of play space, and a secondary school. The aim is to create a whole community in the area.
The creation of so many homes designed for rent is great news for London. Grosvenor will be managing the properties for the long run, genuinely committing to the project.
At Finefair we offer a range of services in Bermondsey and the wider Borough. In fact we are a leading name for council leasing in Southwark, helping investors to make properties available for rental with help from the local authority. This is a good option and can provide a number of assurances on income and property management.
If you have any questions for us please get in touch.