Grosvenor, the property giant controlled by the Duke of Westminster, today revealed plans of a £500m build-to-rent development in Bermondsey.
The 340-year-old firm, which owns more land than the Queen, is set to build 1,500 new rental homes on the site of a 12-acre former biscuit factory site. Work is expected to begin next year with completion due in 2023.
Hugh Grosvenor, 26, became the Duke of Westminster and Britain's youngest billionaire last year after he inherited £9.3bn after his father's sudden death last year.
The property giant said that it wants to create a "neighbourhood for people of mixed incomes, backgrounds and life stages".
Designed by architects Kohn Pedersen Fox Associates, the new homes will be surrounded by a 600-place secondary school and over 110,000 square feet (sq ft) of new public spaces and almost 20,000 sq ft of new open space.
The site will also include 85,000 sq ft of ground floor retail and leisure space.
Craig McWilliam, chief executive of Grosvenor, said: “London's housing shortage is too often creating polarised outcomes, with homes for the few who can afford to buy them, and those allocated social rented accommodation. We are sharing our ambitions in Bermondsey to meet the needs of many on low and middle incomes who are locked out of London’s housing market."