A multi-million pound land deal has been completed in south London.

Developer London Square has finalised the £50 million deal with Rich Investments for the 4.7 acre former Rich Industrial Estate in Bermondsey.

The site, which currently comprises nine industrial and business space buildings, has planning consent for 406 new apartments along with 21,000 sq m of commercial, retail, art gallery, storage floor space and small business hub.

The new homes will be spread across six distinctive buildings; The Tannery, The Blackwell, The Hide, The Crosse, The Pickle Factory and The Canning – each with its own highly individual style.

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In addition, the London Square Bermondsey project will comprise 35% of 'affordable' housing.

Mark Smith, Development Director, London Square, said: "The completion of this deal is great news for Southwark and demonstrates our commitment to playing a leading role in building more homes in the capital.

"We have an impressive track record in the conversion and restoration of historic buildings with fascinating original features and regenerating former industrial sites.  We are looking forward to creating a new chapter for the entire site, with new homes, shops, an art gallery, business spaces and new jobs."

Peter Rich, Chairman of Rich Investments, added: "The Company has owned this site for over fifty years and we are delighted to see the completion of this step on the way to its regeneration. We are very much looking forward to seeing the redevelopment work commence."

(LM/MH)