The Grosvenor property group will build 1,500 rental flats in Bermondsey , south - east London to meet growing demand for long - term rentals among young professionals . A master plan unveiled at the start of a public consultation shows the development with a new 600-place secondary school at its heart, alongside 110,000 sq ft of public space and almost 20,000 sq ft of play space. The company plans to construct up to 11 blocks on the site of a former furniture factory that it will sell to people on " low and middle income " who ca n't afford to buy in London 's housing market , said the CEO for London and Ireland , Craig McWilliam . Some flats ' rents will be discounted by Southwark council . The £ 500 m affordable housing project will be a " rental product , not an investment product " and will target local residents and Londoners , McWilliam added .
The Grosvenor property group will build 1,500 rental flats in Bermondsey , south - east London to meet growing demand for long - term rentals among young professionals . The company plans to construct up to 11 blocks on the site of a former furniture factory that it will sell to people on " low and middle income " who ca n't afford to buy in London 's housing market , said the CEO for London and Ireland , Craig McWilliam . Some flats ' rents will be discounted by Southwark council . The £ 500 m affordable housing project will be a " rental product , not an investment product " and will target local residents and Londoners , McWilliam added .