Boutique developer Fruition Properties has been given consent to to develop a residential-led mixed-use development on the site of former print works in Bermondsey in partnership with Savills Investment Management.
The 0.35 acre site on Crimscott Street in south London is currently occupied by commercial buildings but will be turned into 55 one, two and three bedroom apartments and 20,000 sq ft of office space, Property Week can reveal.
The final development, designed by tp bennett, will form part of Savills IM’s Prime London Residential Development Fund II (PLRDFII). The residential element, which features buildings rising to nine storeys, will offer 35% affordable housing. The scheme will also feature car and cycle parking and landscaped roof gardens. It is located close to Bermondsey and London Bridge railway stations and forms part of the wider Southwark area action plan.
Parul Scampion, chief operations officer at Fruition Properties, said: “By engaging with Southwark Council’s planning team, as well as the local community, early on in the process, we feel confident that our proposal is one that not only meets the requirements for this key site, but also adds a new dimension to the area. This is our first scheme 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 director at Savills IM, added: “This is a great result for the Fund and partnership with Fruition Properties, particularly in light of the challenging political climate at present. This scheme marks the eighth planning consent we have achieved across our two London development funds and we are extremely excited to work with Fruition Properties to take it forward.”
Work is expected to commence imminently with completion scheduled for 2020.