Greystar Appoints Contractors to Progress Bermondsey Project

• Greystar appoints McLaren Construction, McAleer & Rushe and Sisk to build four buildings as part of the Bermondsey Project, which will deliver 1,624 new homes in total
•  338 of the 1,624 homes will be Social Rent homes, to be developed by London Square and operated and owned long-term by registered provider Square Roots

London, UK – 8 October 2024 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing, today announces the appointment of three leading construction firms to deliver four key buildings as part of the Bermondsey Project, a transformative development that will provide 1,624 new homes for rent in South London.

Construction began earlier this year, with the first homes expected to be ready for occupation in the Autumn of 2025 and the whole scheme expected to be complete in the second half of 2027. Greystar’s vision for the Bermondsey Project extends beyond just housing, with an emphasis on creating a vibrant and sustainable new neighborhood integrated into the existing local community.

The brownfield site, situated on a former biscuit factory, will be transformed to include retail, leisure, and office spaces, as well as extensive amenities for residents such as lounges, workspaces, gyms, private dining rooms, an indoor swimming pool, and expansive roof terraces.  The development will also include 338 much-needed Social Rent homes to be constructed by an Aldar owned company, London Square and, once completed, owned and managed by Square Roots. These homes will play a critical role in addressing the housing crisis in London.

The buildings are targeting Home Quality Mark 4 Star for the residential spaces and BREEAM Excellent certification for the commercial areas. Additionally, the development will retain a portion of the former packing factory, which features impressive exposed concrete structures and 10-meter-high ceilings.

Mark Allnutt, Executive Director, Europe Investment Management Leader, Greystar: “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. We are pleased to have closed this debt facility and secured partnerships with leading contractors, who each bring unique expertise and a strong track record in delivering complex urban developments. Their contributions will be instrumental in ensuring that the project meets our ambitious goals, not only in delivering homes, but also creating dynamic spaces that reflect the heritage and future potential of Bermondsey.”

Barbara Richardson, Managing Director, Square Roots, said: “Our partnership with Greystar, the Mayor of London and the London Borough of Southwark demonstrates how an effective collaboration will deliver homes for social rent that are desperately needed in London. 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.”

Ger Hayes, Managing Director, Sisk said: “We are delighted to be selected as main contractor for Plot S and Plot T at The Biscuit Factory, Bermondsey. Both residential towers will stand at 35 and 28 storeys high and will create a significant addition to the London skyline. Logistically, it is a challenging project due to the proximity of our site to the main line into London Bridge station, but our experience and expertise of delivering large complex high rise, high density residential and  infrastructure in large public spaces will play a key role in this project's success. We are excited to collaborate with Greystar and our long standing supply chain partners to lower the carbon footprint of both buildings by leveraging MMC and offsite manufacturing, while also engaging with the local community to create a lasting impact.”

McLaren Construction’s Managing Director for Regeneration, John Butten, said: “The regeneration of the Peek Frean biscuit factory is an important project for the wellbeing of the community in Bermondsey and for adding much needed affordable housing to the area. Working alongside Greystar who are leaders in rental housing, we will deliver Block F to the highest quality and sustainability standards, while engaging with the community and creating opportunities in alignment with the client’s objectives for the long-term prosperity of the local area.”

Darragh Greenan, Director at McAleer & Rushe, added: “We are delighted to have been entrusted by Greystar with two out of the four distinct plots, Buildings 1 – 5 and Building DE, to help bring their vision for the Bermondsey Project to life. At McAleer & Rushe, we pride ourselves on being the trusted construction partner for large-scale, multi-phased regeneration schemes that aim to not only build homes but to create thriving, new sustainable neighbourhoods. We are committed to delivering exceptional homes to the highest standards, while working closely with the local community over the next three years to make a lasting and positive contribution.”

Each contractor will bring its distinctive expertise to different aspects of the project, ensuring the successful delivery of its various components:

• McAleer & Rushe will handle the construction of two distinct parts of the project, overseeing both Buildings 1-5, which will deliver 359 homes split between market and intermediate rent, and Building DE, a 20-storey tower with 225 homes alongside a four-storey office space.
• John Sisk & Son has been chosen to build Building ST, comprising two towers of up to 36 storeys, containing 472 market-rent homes.
• McLaren Construction has been appointed for Building F, which will see the partial retention of the iconic former packing factory. This building will offer flexible commercial space on the lower floors and six storeys of new residential space above, adding 230 market-rent homes.