Biscuit Factory site sold by Grosvenor to Abu Dhabi-backed developers

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The site was finally given planning permission in 2020 after a row over the amount of affordable housing the scheme would provide.

A Bermondsey site with planning permission to build more than 1,500 homes has been sold to an American developer backed by an Abu Dhabi state investment fund.

The Biscuit Factory site, on one part of the former Peek Freans factory, was sold by Grosvenor to Greystar, an US buy-to-let developer, for an undisclosed amount.

Greystar is in a “strategic partnership” worth up to £2.2 billion with the Abu Dhabi Investment Authority (ADIA) to build homes in London and the surrounding area.

The Biscuit Factory development also includes a new 600-student school building for Compass, a secondary school on Drummond Road, which should be ready in 2023, as well as office space, a public roof terrace and retail.

Greystar said the purchase was part of its “ongoing strategy to develop thoughtfully designed and professionally-managed rental communities.”

The site was finally given planning permission in 2020 after a row over the amount of affordable housing the scheme would provide.

Grosvenor – owned by the Duke of Westminster, whose family is worth more than £10 billion – eventually agreed to provide 35 per cent ‘affordable’ housing in the scheme, after previously arguing that was not viable. Some 140 of the 480 ‘affordable’ homes will be for social rent equivalent.

Greystar’s other London properties include 101 George Street in Croydon, which was trumpeted as the tallest modular – pre-fabricated – building in the world, at 44 storeys high.

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