An industrial building in Crimscott Street - with planning permission for a new office block - has changed hands, with the new owners proposing a residential scheme.
Last year The Smokery gained planning permission to build offices on the site of the low-rise industrial building at 18-19 Crimscott Street.
'Boutique developer' Fruition Properties has entered into a joint venture with Prime London Residential Development Fund II (“PLRDFII”), a fund managed by Savills Investment Management, to acquire and develop the Crimscott Street site.
The new owners will submit a new planning application with around 60 homes expected to be built on the site.
Mani Khiroya, managing director of Fruition Properties said: “Bermondsey is ripe for regeneration, having been previously overlooked for many years.
"Our vision for the site will create high quality new homes and commercial space in a location within walking distance of London Bridge, the City and all that this changing area has to offer.
"This is our first partnership 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 manager at Savills Investment Management, added: “This is the seventh acquisition for PLRDF II, and will further diversify our holdings by geography, partner, price point and planning profile.
"The fund team are excited to be working with Fruition Properties on this new project, in a vibrant part of London."