Bermondsey Square, London

Overview

Bermondsey Square is a large mixed use development, delivered for Aviva Investors igloo Fund in partnership with Southwark Council, the London Development Agency and the local community. The site presented complex challenges including ensuring that the antiques market continued to operate, whilst carefully documenting and preserving the ruins of Bermondsey Abbey, which lie underneath.

Key Facts

  • 76 apartments
  • 40,000 sq. ft. multi-let offices for creative occupiers
  • 80 bed boutique hotel and associated facilities
  • 55 seat community Art House cinema
  • Sainsbury’s local store
  • 6,000 sq. ft. of cafes and shops with a Moroccan deli
  • 12 innovative affordable apartments with ground floor retail (the “Island Site”)

More Information

A creative destination

The New Caledonian Antiques Market has been trading in Bermondsey since 1950. With up to 200 stallholders arriving from 4am every Friday morning, we made sure that dealers could carry on trading uninterrupted during the construction works. We also established a Community Fund for the local neighbourhood. Residents and businesses at Bermondsey Square contribute to the fund each year, with local people and groups being able to apply to the Fund for a grant to support community activities. The Community Fund is proving to be a great way to link the new and existing communities together and has awarded over £169,000 to 57 community organisations for events and activities, such as Bermondsey Night Markets, Resources for Autism, and Southwark Speaks.

Investing at the heart of a community

The New Caledonian Antiques Market has been trading in Bermondsey since 1950. With up to 200 stallholders arriving from 4am every Friday morning, we made sure that dealers could carry on trading uninterrupted during the construction works. We also established a Community Fund for the local neighbourhood. Residents and businesses at Bermondsey Square contribute to the fund each year, with local people and groups being able to apply to the Fund for a grant to support community activities. The Community Fund is proving to be a great way to link the new and existing communities together and has awarded over £169,000 to 57 community organisations for events and activities, such as Bermondsey Night Markets, Resources for Autism, and Southwark Speaks.

For the planet and the pocket

The New Caledonian Antiques Market has been trading in Bermondsey since 1950. With up to 200 stallholders arriving from 4am every Friday morning, we made sure that dealers could carry on trading uninterrupted during the construction works. We also established a Community Fund for the local neighbourhood. Residents and businesses at Bermondsey Square contribute to the fund each year, with local people and groups being able to apply to the Fund for a grant to support community activities. The Community Fund is proving to be a great way to link the new and existing communities together and has awarded over £169,000 to 57 community organisations for events and activities, such as Bermondsey Night Markets, Resources for Autism, and Southwark Speaks.

Measuring the value

Our approach enables us to maximise the commercial returns for igloo partners. Bermondsey Square completed and went to market just as the 2008 recession struck. The team worked hard to remain true to our igloo footprint® policy of sustainable investment. We prioritised businesses and independent traders that added interest and value to the overall mix of uses in the square, whilst working hard to minimise voids by adding strong-covenant occupiers like Sainsbury’s to provide a diversified set of income streams.

We favoured selling homes to owner occupiers over buy-to-let investors. The result was that apartments sold very quickly, ensuring that there was life and activity at Bermondsey Square at a time when other new developments remained only partially full. Post-recession, our commitment to taking a long term view has seen assets performing very well for our investors with a successful exit being achieved in 2015.