Bermondsey’s Crosse & Blackwell Factory sold in £50m deal

Developer London Square got the green light from councillors back in March for its scheme to create more than 400 homes in a mix of new and refurbished buildings.

Now that the planning permission has been issued formally, London Square's £50 million acquisition of the site from Rich Investments has been completed.

The 4.7-acre site is bounded by Willow Walk, Crimscott Street, Curtis Street and Grange Road.

"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," said Mark Smith, London Square's development director.

"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."

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."