Company secures £600m deal to redevelop former biscuit factory
Greystar Real Estate Partners has secured a £600million deal to restore a former biscuit factory in Bermondsey that plans to provide thousands of new homes for rent.
The brownfield site – situated at the former Peek Freans biscuit factory – will be transformed to include retail, leisure, and office spaces alongside 1,624 new homes – 338 of which will be social rent homes.
Greystar has appointed three construction firms, McLaren Construction, McAleer & Rushe and Sisk, to deliver four key buildings as part of The Biscuit Factory project.
Mark Allnutt, executive director at Greystar 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.”
The development will include workspaces, gyms, private dining rooms, an indoor swimming pool, and expansive roof terraces.
The Social Rent homes will be constructed by London Square and, once completed, owned and managed by independent provider Square Roots.
Barbara Richardson, managing director at Square Roots, said: “We are delighted to have been made an approved provider by Southwark and we look forward to building attractive, high quality homes at the Biscuit Factory.
“Our delivery partner London Square has an excellent record of providing new homes in Southwark, with the recent completion of London Square Bermondsey, which has won numerous awards for its architecture and design.”
Founded in 1857, Peek Freans was a symbol of Bermondsey’s industrial past and played a central part of Bermondsey life, employing thousands of families through the generations until its closure in 1989.
The development will retain a portion of the former packing factory, which features exposed concrete structures and 10-meter-high ceilings.
Construction at The Biscuit Factory began earlier this year, following Greystar’s acquisition of the Bermondsey-based site in 2022 and the amended proposals for the Build to Rent scheme being approved by Southwark Council in March.
Pictured top: A CGI image of social rent homes to be built as part of the Biscuit Factory project (Picture: Greystar Real Estate Partners)