Rich Investments Ltd. Completes £50m Land Sale Deal

The former Rich Industrial Estate in Bermondsey, once home to food company Crosse & Blackwell, will be redeveloped into a high quality mixed-use scheme.  This will launch as London Square Bermondsey next year with a range of homes, including 35% affordable housing.  The site, bounded by Willow Walk, Crimscott Street, Curtis Street and Grange Road, currently comprises nine industrial and business space buildings across 4.7 acres. 
Rich Investments Ltd. worked in close collaboration with London Square who obtained planning consent to create a truly mixed-use development. Once completed, the scheme will comprise 406 apartments within six distinctive buildings - The Tannery, The Blackwell, The Hide, The Crosse, The Pickle Factory and The Canning – each with its own highly individualstyle, together with 21,000 sqm of commercial, retail, art gallery, storage floor space and small business hub.

Peter Rich, Chairman of Rich Investments Ltd., said: “The Company has owned this site for over fifty years and we are delighted to see the completion of this step on the way to its regeneration. We are very much looking forward to seeing the redevelopment work commence.”

Mark Smith, Development Director, London Square, said: “The completion of this deal is great news for Southwark and demonstrates our commitment to playing a leading role in building more homes in the capital.  We have an impressive track record in the conversion and restoration of historic buildings with fascinating original features and regenerating former industrial sites.  We are looking forward to creating a new chapter for the entire site, with new homes, shops, an art gallery, business spaces and new jobs. Bermondsey is now one of the most fashionable districts in London, with a great creative vibe, and London Square will build on this to redefine this as a new destination in SE1” 

Jack Simmons, Partner, Residential Development & Investment, Cushman & Wakefield, who acted as the selling agent, added: “This is a hugely significant site which will deliver much needed regeneration in a strategic location within Southwark.”