New plans unveiled for private rented sector housing at ex London biscuit factory
Plans have just been released by Grosvenor to turn an ex biscuit factory in South London into a development that could provide anything up to 1,500 new homes in the capital for those who wish to rent in the city.
The total cost of the project is thought to be around £500m which will be invested into the development over the course of its completion. The development is situated in Bermondsey, and comes after much discussion about what the old site would be used for. In addition to the homes that are planned to be built, there will also be a secondary school which could take up to 600 pupils, and an amount of public space which is thought to total around 110,000 square feet.
As a part of the district will be 85,000 square feet of shops and other retail establishments, which aims to provide employment for 900 people. This will go some way to tackle not only unemployment, but also issues related to the economy, as it will bring a lot of trade into the area. It also aims to ensure that the expanded population within the area as a result of the development will be well catered for.
The chief executive of Grosvenor, Craig McWilliam, discussed the current issues within the housing sector – in that it is too often the people at either end of the spectrum who are best catered for. There is ample housing provision for those who can afford to pay a lot of money, and there are lots of choices with regards to social housing – however there is a huge gap in the middle, and this is causing a problem, as it currently means that anybody who has a low or middle income will struggle to live in the capital.
This scheme aims to provide homes for those who wish to rent in the city without paying extortionate rates, and it is hoped that this scheme will be able to adapt to the changing needs of the population in a way that accommodates the most people possible.
Grosvenor state that recent rises in stamp duty have had an impact on the company, along with the current housing market which remains uncertain. However, there is much positivity surrounding this newly announced development, which should help to begin filling what is currently a huge gap in the market.