Mixed-use developer First Base and a controlled affiliate of Starwood Capital Group, a leading global private investment firm, announced today they will together bring forward a major residential-led mixed use development on Tower Bridge Road in Southwark.
The site, located at 151-157 Tower Bridge Road in the heart of Bermondsey, currently comprises 185,000 square feet. Upon completion, the new development will include a major residential component, along with underground car parking and a significant amount of active commercial space. Residents will benefit from direct access to the renowned bars, restaurants and shopping on Bermondsey Street.
The joint venture has appointed global design firm Arney Fender Katsalidis to guide the design of a residential-led scheme, with the additional goal of creating a new public square and workspace tailored to the start-up technology and creative businesses clustered in the area. The site has a gross development value in excess of £100 million.
First Base has already partnered with Starwood Capital Group on Ashchurch Villas, a high-end residential development in Ravenscourt Park comprising 15 family-sized, 4-bedroom houses and seven 3-bedroom mews houses.
Barry Jessup, Director at First Base, said:
“This is a hugely exciting project for us, and an opportunity to revitalise the existing site to create a sustainable mixed-use scheme that responds to the diversity and heritage of the area. The current site obstructs pedestrian routes from Bermondsey to the river, which we would like to re-establish, as well as create new public areas that serve the local community and link with the adjacent churchyard. We look forward to working with Southwark Council and the local community to advance our plans.”
Nick Chadwick, Vice President of Starwood Capital Group, added:
“We are thrilled to be building upon the success of our Ashchurch Villas collaboration with First Base, and look forward to the continued growth of the partnership between the two firms.”