6th March 2017
The company has entered into a joint venture with Prime London Residential Development Fund II (“PLRDFII”), a fund managed by Savills Investment Management, to acquire and develop a new site on Crimscott Street in Bermondsey, SE1. The 0.35 acre site, currently occupied by commercial buildings, has existing planning permission for 52,367 sq.ft. of B1 office space which the joint venture is expected to alter to a residential-led mixed-use consent. We will now work closely with Savills Investment Management to develop a revised planning application.
The site is located between Bermondsey and London Bridge underground stations, just a short distance from the popular Bermondsey Street, which is home to bars, restaurants, a weekly farmers’ market, an arthouse cinema and the renowned London Fashion and Textile Museum. London Bridge is within walking distance, with icons including The Shard and Borough Market close by.
The acquisition is part of the next chapter for the area – a long overlooked corner of inner London which is now undergoing widespread transformation, with tired estates being refurbished alongside the creation of new homes, commercial and leisure spaces. To the north, Bermondsey is enjoying the ripples of the changes to London Bridge and Tower Bridge, while to the south ‘New Bermondsey’ will create a unique neighbourhood and new Overground station, bringing with it an influx of new jobs as part of an extensive two phase regeneration programme.
Mani Khiroya, Managing Director of Fruition Properties, comments: “Bermondsey is ripe for regeneration, having been previously overlooked for many years. Our vision for the site will create high quality new homes and commercial space in a location within walking distance of London Bridge, the City and all that this changing area has to offer. This is our first partnership with Savills Investment Management, the fund management arm of one of the largest real estate advisors in the world, reflecting confidence in our offering, our team and our approach to development.”
James Whidborne, Fund Manager at Savills Investment Management stated: “This is the 7th acquisition for PLRDF II, and will further diversify our holdings by geography, partner, price point and planning profile. The Fund team are excited to be working with Fruition Properties on this new project, in a vibrant part of London.”
We are always looking for new development opportunities, either with or without planning permission across London. If you are aware of suitable opportunities, please contact Lee Redhead, Land Director on 020 3828 0109.