Grosvenor set to redevelop Tower Bridge Business Complex

Southwark Council granted planning permission to Workspace Group earlier this year for the development of 800 new homes and 60,000 square feet of business space on the site. The scheme will replace 330,000 sq ft of existing warehouse and light industrial units.

Under the terms of the deal Grosvenor will purchase the seven acre residential development component of the land and will construct a new commercial building for Workspace on the land retained by Workspace. Grosvenor will be responsible for all required infrastructure improvements including landscaping and the creation of a community park on a further one acre of the site being sold to Grosvenor.

"We are delighted to have a partner of the calibre and track record of Grosvenor to take forward the residential component of the redevelopment said Workspace chief executive officer Jamie Hopkins in a statement. "Once completed this will be a thriving residential and business location, providing Southwark with its largest hub for small and growing businesses. This partnership will deliver significant value for our shareholders and considerable benefit to the local community."

"London has the opportunity to become the entrepreneurial capital of the world.  It is important that we continue to redevelop sites like this across London, that will attract people and businesses who are looking to live and work in dynamic locations with good transport links at the centre of the city," Hopkins added.