The developer and land owner is to redevelop 12 acres in South East London’s

Grosvenor Britain & Ireland has unveiled its £500m masterplan for 1,500 new rental homes in Bermondsey in South East London.

The plans designed by Kohn Pedersen Fox Associates are for the 12-acre former biscuit factory site, which Grosvenor wants to convert into a new neighbourhood with a new 600-place secondary school.

The proposals also include over 110,000 sq ft of new public spaces, almost 20,000 sq ft of new play space, and 85,000 sq ft of ground floor retail, food, leisure and culture space.

The 1,500 rental homes will also include a range of discounted market rents to reach a “wider spectrum of people,” Grosvenor said.

Grosvenor Bermondsey Biscuit factory

Craig McWilliam, chief executive of Grosvenor Britain & Ireland, said: “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. 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.

“We want to help create one of London’s greatest neighbourhoods for people of mixed incomes, backgrounds and life stages. 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.”