Grosvenor Britain & Ireland has been granted planning consent for a build to rent neighbourhood in Bermondsey, south London.
The scheme will be anchored by over 1,500 homes, including 35% which will be affordable.
The first phase will deliver 359 rental homes as well as a 600 pupil secondary school and 8,155 sq ft of employment space.
The development is expected to increase greater footfall and an estimated increase of £22m in spend each year.
“This project speaks directly to our purpose as a business – to bring lasting social and commercial benefit to the communities where we work,” said Simon Harding-Roots, executive director of major projects at Grosvenor Britain & Ireland.
“All the approved homes are for rent, and none are for sale. Every home will be occupied and managed by a responsible landlord with a genuine long-term list in ensuring the neighbourhood thrives.”