Pearl Yards, a redevelopment of Bermondsey’s iconic biscuit factory, has delivered its first homes since Greystar acquired it in 2022.
Named after “The Pearl”, the first biscuit baked on the original Peek Freans factory site, the new neighbourhood is set to create 1,600 new rental homes when it is fully completed in 2027.
Daniel Thompson, managing director of UK development at Greystar, said the site was an “extraordinary milestone”.
“Transforming land that has been empty for decades in just three years reflects the strength of our partnership with Southwark Council [and] the dedication of our delivery partners”, he added.
Greystar added that Pearl Yard “demonstrates how private capital working alongside local government can unlock stalled sites and accelerate regeneration”.
In line with government targets, 35 per cent of the development will be affordable. The site will also deliver a new secondary school, affordable workspace and a public realm, in line with Southwark council’s policy ambitions.
Councillor Helen Dennis, cabinet member for New Homes and Sustainable Development, said she was “delighted” with the site and that homes were being built at an “incredible pace”.
Built-to-rent in London slows
Housebuilding in London has struggled this year, with just five per cent of the government’s housing target for new homes started, but build-to-rent developments like Pearl Yards have fared better than most.
The sector has, however, not remained entirely insulated from headwinds, with the number of homes currently under construction down 19 per cent year on year.
Investors have been jittery about higher interest rates, inflation-driven construction costs, and uncertainty around planning and housing policy.
But the third quarter of 2025 still saw just over £800m invested in UK-built-to-rent, bringing investment for the first three quarters of the year to £2.6bn, in line with 2023 and ahead of 2024.
The total size of the sector now stands at 298,000 homes, up four per cent compared to the third quarter of 2024, according to Savills, although starts continue to lag behind completions.