Bermondsey Square realises value for investors
Bermondsey Square, igloo’s flagship London scheme has realised a value in excess of £37m for investors with a sale now completed to the UK Property Unit Trust. The design led, sustainable development includes a boutique hotel, offices, retail, and leisure as well as residential on Bermondsey Road, SE1. igloo was advised by Knight Frank’s specialist investment team.
The unique 80 bed boutique Bermondsey Hotel includes a well-known GB restaurant and a 52 seat independent cinema. It is a ten minute walk to the Shard and London Bridge, and is used predominantly by corporate clients who are based in London Bridge and wider London areas.
Bermondsey Square is home to a sustainable, unique mix of leisure, office, retail units and 76 new residential apartments. The scheme is fully let. It is also venue to the world famous weekly antiques market, and was featured as Vogues’ ‘coolest quarter’ in their annual Secret Address Book.
Peter Connolly, chief executive at igloo, commented “We have had great success with Bermondsey Square, which is confirmed by the fact that the scheme is now fully let and occupied. We are proud of the contribution we have made to the local community through this sustainable development and now is the time to realise the full potential of the significant efforts the team have put into this development from the start.”
Luke Baker, Fund Manager for the igloo Regeneration Partnership, commented “Bermondsey Square is a strong example of the Fund delivering on its investment strategy. Now, following the identification, development and letting of the project combined with the related repositioning of the Bermondsey area it is now the right time to redeploy investor’s capital in new regeneration projects.”