Developer Grosvenor has submitted a planning application to build over 1,300 homes for rent at the sites of a former biscuit factory and college campus in Bermondsey.
Proposals to redevelop the former Peek Freen Biscuit Factory and Bermondsey Campus site form part of wider plans to regenerate the area and improve the local economy.
If successful, the plans will provide up to 1,343 homes for rent as part of a mixed-use development that will be integrated physically, socially and economically within the existing community.
The £500 million investment will also deliver a 600-place secondary school, generate around 2,500 jobs, and provide amenities and local opportunities within the The Blue Business Improvement district.
In addition, the wider area will benefit from over 2 ha of new streets and open spaces.
Submitted in October, the plans include Grosvenor’s 'Local Legacy' initiative to provide investment and long-term benefits to the community; over £330,000 has so far been invested in community projects, events and training initiatives in Bermondsey, which has led to over 500 people benefiting from training and skills development opportunities.
Craig McWilliam, chief executive of Grosvenor Britain & Ireland, said: "London's housing shortage is too often creating polarised outcomes, with homes for the few who can afford to buy them, and those allocated social rented accommodation. We are sharing our ambitions in Bermondsey to meet the needs of many on low and middle incomes who are locked out of London's housing market.
"We want to help create one of London's greatest neighbourhoods for people of mixed incomes, backgrounds and life stages and manage these rental homes for the long term, responding to changing needs and extending Bermondsey's rich history at the heart of a growing, global city."
Southwark Council has bought Courage Yard on Shad Thames, near Tower Bridge, which it will redevelop to generate income for frontline services.