The Grosvenor property group will build 1,500 rental homes 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 biscuit factory that it will rent to people on "low and middle incomes" who can't afford to buy in London's housing market, said the CEO for Britain and Ireland, Craig McWilliam. Some flats' rents will be discounted by Southwark council. It recently reported a steep fall in returns on its British and Irish property portfolio, its worst UK performance since the financial crisis. A new development at Canary Wharf is set to include more than 1,000 apartments with some costing as much as £150,000 per month.
The Grosvenor property group will build 1,500 rental homes 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 biscuit factory that it will rent to people on "low and middle incomes" who can't afford to buy in London's housing market, said the CEO for Britain and Ireland, Craig McWilliam. Some flats' rents will be discounted by Southwark council. A new development at Canary Wharf is set to include more than 1,000 apartments with some costing as much as £150,000 per month.