Greystar Real Estate Partners recently finalized a £600 million agreement to revamp the former Peek Freans biscuit factory in Bermondsey, paving the way for the creation of numerous new rental homes. The development project will not only include residential units but also retail outlets, leisure facilities, and office spaces.
A total of 1,624 new homes are scheduled to be built on the brownfield site, with 338 of them designated as social rent homes. To bring this ambitious project to life, Greystar has enlisted the expertise of three construction firms: McLaren Construction, McAleer & Rushe, and Sisk. These companies will be responsible for constructing four essential buildings as part of The Biscuit Factory development.
Mark Allnutt, the executive director at Greystar, expressed his enthusiasm for the project, emphasizing the company’s dedication to delivering top-notch housing solutions across various market segments. He highlighted the importance of creating opportunities for local businesses and the community as a whole through this transformative initiative.
The redevelopment plans for The Biscuit Factory encompass not only residential units but also a range of amenities such as workspaces, gyms, private dining areas, an indoor swimming pool, and expansive roof terraces. The project also includes the construction of social rent homes by London Square, which will be owned and managed by Square Roots, an independent provider approved by Southwark.
Barbara Richardson, the managing director at Square Roots, expressed her excitement about the partnership with Southwark and the opportunity to contribute to the creation of high-quality homes at The Biscuit Factory. She praised the track record of London Square in delivering exceptional housing solutions in the area, citing the success of their previous project, London Square Bermondsey.
The former Peek Freans biscuit factory holds great historical significance as a symbol of Bermondsey’s industrial heritage, dating back to its establishment in 1857. The factory was a vital part of the local community, providing employment to numerous families until its closure in 1989. The upcoming redevelopment project aims to preserve some of the site’s heritage by retaining a section of the original packing factory with its distinctive concrete structures and lofty ceilings.
Construction work at The Biscuit Factory commenced earlier this year, following Greystar’s acquisition of the site in 2022 and the approval of revised plans for the Build to Rent scheme by Southwark Council in March. The project is poised to breathe new life into the former industrial site, offering a blend of modern amenities and historical charm to future residents.
