US developer secures £600m from banks for 1,600-home high-rise London scheme

Square Roots, a for-profit registered provider that is a subsidiary of London Square, will manage the homes. 

Around 35 per cent of the site will be affordable housing, while the majority of the scheme will be private flats at market rent. 

According to Greystar, the amenities for residents will include lounges, workspaces, gyms, private dining rooms, an indoor swimming pool, and roof terraces.

Greystar is in the process of expanding its build-to-rent portfolio in the UK. Last year it secured planning permission for a 294-home scheme in Battersea. 

Around three years ago, the firm acquired the build-to-rent portfolio of G15 landlord Metropolitan Thames Valley – Fizzy Living – for £400m.

The Bermondsey Scheme will also include retail, leisure and office space.

Construction on the site started earlier this year and the first homes are expected to be ready for occupation in autumn 2025, Greystar said.

The whole scheme is expected to complete in the “second half of 2027”, the firm said.

Three contractors have been appointed to deliver four of the buildings across the site.

Among these is Sisk, which has said it will use offsite manufacturing to make the buildings more energy efficient. McLaren and McAleer & Rushe are the other two contractors to have been appointed.

Mark Allnutt, executive director and Europe investment management leader at Greystar, said: “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.”

Greystar operates around $320bn of real estate in 249 markets globally with offices in North America, Europe, South America and the Asia-Pacific region.