Developer London Square has completed on a £50m land deal to transform the former Rich Industrial Estate in Bermondsey.

Once home to food company Crosse & Blackwell, the former factory site will be redeveloped  into a high quality mixed use scheme.

A spokesman for the developer said the hunt has now started for a main contractor to transform the 4.7 acre site.

The new London Square Bermondsey will contain 406 apartments within six distinctive buildings alongside 21,000 sq m of commercial, retail, art gallery, storage floor space and small business hub.

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.

“Bermondsey is now one of the most fashionable districts in London, with a great creative vibe, and London Square will build on this to redefine this as a new destination in SE1.”

Peter Rich, Chairman of Rich Investments Ltd, said: “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.”

Jack Simmons, head of residential development, Cushman & Wakefield, who acted as the selling agent, added: “This is a hugely significant site which will deliver much need regeneration within a strategic location within Southwark.”