Greystar, which specialises in the development, and management of private rental housing, has secured a £600m debt facility through a consortium of US, Chinese and Arabian banks for a development of 1,624 apartments in Bermondsey, in southeast London.
Construction began earlier this year, with the first homes expected to be ready for occupation in the autumn of 2025 and the whole scheme expected to be complete in the second half of 2027.
The brownfield site, a former Peek Frean biscuit factory, is being redeveloped for retail, leisure and office spaces, as well as housing.
Called The Biscuit Factory, the development will retain a portion of the former packing factory, which features exposed concrete structures and 10-metre-high ceilings.
McAleer & Rushe has been appointed to build two distinct parts of the project: Buildings 1-5, which together will have 359 units; and Building DE, a 20-storey tower with 225 units homes alongside a four-storey office space.
John Sisk & Son has been chosen to build Building ST, comprising a 35-storey and a 28-storey tower, together containing 472 units.
McLaren Construction has been appointed for Building F, which will see the partial retention of the former packing factory. This building will have commercial space on the lower floors and six storeys of new residential space above, with 230 units.
Greystar executive director Mark Allnutt said: “This landmark development reinforces our commitment to delivering high-quality housing across all segments, from market-rent homes to social housing, while also creating new opportunities for businesses and the local community. We are pleased to have closed this debt facility and secured partnerships with leading contractors, who each bring unique expertise and a strong track record in delivering complex urban developments. Their contributions will be instrumental in ensuring that the project meets our ambitious goals, not only in delivering homes, but also creating dynamic spaces that reflect the heritage and future potential of Bermondsey.”
Sisk managing director Ger Hayes said: “Logistically, it is a challenging project due to the proximity of our site to the main line into London Bridge station, but our experience and expertise of delivering large complex high rise, high density residential and infrastructure in large public spaces will play a key role in this project's success.”
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