Fruition Properties given go-ahead for £37.1m Bermondsey regen with Savills Investment Management

Boutique developer Fruition Properties has been given consent to develop a former print works on Crimscott Street in Bermondsey, SE1 in partnership with Prime London Residential Development Fund II (“PLRDFII”), a fund managed by Savills Investment Management. The 0.35 acre site, currently occupied by commercial buildings, will be transformed into a vibrant residential-led mixed-use scheme rising to nine storeys.

Designed by architects TP Bennett, the new development will provide 55 one, two and three bedroom apartments, 35 per cent of which will be affordable, alongside almost 20,000 sq ft of office space. Residents will also benefit from balconies, associated car and cycle parking and landscaped roof gardens. The site is extremely accessible thanks to being located between Bermondsey and London Bridge stations, also within easy reach of some of London’s most iconic attractions including The Shard and Borough Market.

The positive result follows close collaboration with Southwark Council, TP Bennett and key advisors DP9 and DS2, with an early public consultation and planning performance agreement paving the way for a timely result.

The development forms part of the next chapter for the area – a long overlooked corner of inner London which is now undergoing widespread transformation as part of the wider Southwark area action plan, with tired estates being refurbished alongside the creation of new homes, commercial and leisure spaces. To the north, Bermondsey is enjoying the ripples of the changes to London Bridge and Tower Bridge, while to the south ‘New Bermondsey’ will create a unique neighbourhood which will also receive a new Overground station, bringing with it an influx of new jobs as part of an extensive two phase regeneration programme.

Parul Scampion, COO at Fruition Properties, comments:

“We have worked closely with a highly skilled team of planners, architects and consultants throughout the entire application and consultation process to ensure we address any concerns that our stakeholders may have. 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 Investment Management, comments:

“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.”

Emiliano Acciarito, Director at TP Bennett says:

“Bermondsey is fast becoming a sought after area to live and socialise due to its thriving bar and restaurant scene and its proximity to London Bridge. The apartments on Crimscott Street will provide a growing community with a series of high-quality residences within a vibrant mixed-use development and an opportunity to experience city living in an area that has much to offer. The design of the building draws on the mixed-use nature of the scheme and its specific uses are each expressed by considered juxtaposing volumes, whilst the local history is referenced through consistent materials of masonry and reconstituted stone elements.”

Work is expected to commence imminently with completion scheduled for 2020.