Affordable housing provider Square Roots, working with global real estate company Greystar, the GLA and the London Borough of Southwark, will provide 338 homes for social rent at the Bermondsey Biscuit Factory development.
Planning permission is already in place for the new homes for social rent, which are being supported by grant funding from the Mayor of London and will be in four buildings as part of the overall Biscuit Factory development by Greystar. The new community includes 1,624 homes for rent, a new secondary school, play areas and cultural and retail spaces.
The London Borough of Southwark is the first London borough to make Square Roots an approved provider of affordable homes. Square Roots was established as an independent housing provider, London Square, in 2021 and became a Registered Provider in 2022, with its first schemes in Kingston and Lewisham winning major awards.
London Square will act as Square Roots delivery partner on the Biscuit Factory development. The scheme will also have 18,405 sq. ft. of commercial space which will be handed back to Greystar.
The historic Bermondsey site extends to a total of 12 acres, including the former Peek Freans Biscuit Factory and Lewisham and Southwark College sites. The Biscuit Factory project is in a mainly residential area and is part of a larger Bermondsey redevelopment area, where significant regeneration is underway, including the Blue Market which has recently benefitted from £2million of investment. The Square Roots element is 1.9 acres and 500 metres from Bermondsey tube station and 300 metres from Southwark Park. The London Bridge national rail and tube transport hub is within a short walk.
Barbara Richardson, managing director of 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.”
Square Roots currently has 1,800 homes under construction and in the pipeline. In less than two years since becoming an independent registered provider, Square Roots has generated more starts on site this year than any other for-profit registered provider in London and in line with growth aspirations. By the end of 2024, Square Roots will have 437 high-quality affordable homes under ownership/management at developments in Kingston and Lewisham and its latest development at Hendon. Square Roots aims to have 3,500 homes under construction and/or ownership by the end of 2029.
Working with the GLA as an investment partner, Square Roots has secured grant funding of over £74million for projects, as part of the Homes for Londoners Affordable Homes Programme. The funding is being used to deliver 1,140 affordable homes, a mix of shared ownership, affordable rent and social rent, in the London Boroughs of Bexley, Lewisham, Kingston, Southwark and Barnet, with an active planning pipeline across Greater London.
