Pearl Yard: What it means for you

Pearl Yard is a major new mixed-use development on the former Peek Frean Biscuit Factory site in Bermondsey. It is bringing 1,600 new homes (including 480 affordable), commercial workspace, a school, public spaces and a new cultural programme to SE1 and SE16.

The development spans the former factory site, bounded by Drummond Road, Clements Road, Webster Road and the South Eastern Main Line railway.

The scheme’s name comes from the very first biscuit baked on the original factory site. The brownfield plot had been dormant for years before planning was granted. From acquisition to first handover, 1,600 homes were delivered in three years - one of the fastest large-scale build-to-rent completions in London. First residents moved in on 27 November 2025, with a further phase opening in January 2026.

Planning permission was resolved to be granted by Southwark Council on 6 March 2024 (planning reference 23/AP/2124). The Section 106 agreement - the legal document that sets out what the developer must deliver for residents - was signed on 11 March 2024.

Pearl Yard is delivered by the Fizzy Bermondsey ownership consortium, managed by Greystar Group, on the former Peek Frean Biscuit Factory site in Bermondsey.

The legal owners are a group of Fizzy Bermondsey entities (Fizzy Bermondsey Holding Nominee Limited, Fizzy Bermondsey Phase 1A-3 Propco LLPs, and Fizzy Bermondsey Landco Limited). Greystar Group is the operator and Affordable Housing Provider for the Intermediate Discounted Market Rent homes.

Greystar is a global rental housing company with a track record of large-scale regeneration schemes in London. Pearl Yard follows a similar model to Greystar’s Greenford Quay development in Ealing, which delivered more than 2,000 rental homes and is considered the UK’s first large-scale build-to-rent neighbourhood. The onsite team at Pearl Yard is employed directly by Greystar and manages the building day to day.

The development was previously marketed as “The Bermondsey Project.”

Sources: Pearl Yard Section 106 Deed (2024), definitions and recitals; Greystar Newsroom (April 2026)

These are the contractual targets the developer must hit. They are not aspirations - they are obligations with financial penalties if missed.

If Pearl Yard misses its construction-period employment targets, the developer pays into a fund that Southwark Council uses for employment and training in the borough. The penalties are:

• £4,300 per unemployed Southwark resident not placed in sustained construction employmentMaximum: £1,707,100 total
• £1,500 per apprenticeship or NVQ start not deliveredMaximum: £147,000 total
• £150 per Borough resident not trained on a short courseMaximum: £59,550 total

End-use jobs (in the commercial spaces after construction) carry a separate penalty of £4,300 per shortfall.

Source: Pearl Yard Section 106 Deed (2024), Schedule 7 para 1.7. The “£1.7m penalty” figure refers to the combined maximum employment shortfall contribution for the construction period.

All opportunities tied to Pearl Yard are listed on this platform before they go anywhere else. Bermondsey residents have first sight.

You can also contact the Workplace Co-ordinator directly (see below) - they can help you identify the right opportunities and, if you secure work outside the Borough, provide up to one month of additional support including travel costs and interview preparation.

The developer is required to appoint a named Workplace Co-ordinator for the entire construction period, before work begins. Their role is to identify opportunities and connect them to unemployed Southwark residents through all the named partner organisations.

At least 10 per cent of the total Use Class B1 employment floorspace in Pearl Yard must be offered as affordable workspace for 30 years from Practical Completion. The rent is capped at £13 per square foot per annum (index linked), inclusive of service charge.

Eligible tenants include:

• Charities, voluntary organisations and social enterprises
• Creative and artists workspace
• Rehearsal, performance space and makerspace
• Public health services
• Occupiers from disadvantaged groups starting a business
• Businesses supporting educational outcomes
• Other small and medium businesses based in the Borough

Source: Pearl Yard Section 106 Deed (2024), Schedule 11.

Pearl Yard must provide publicly accessible spaces and a rolling cultural programme. Key commitments:

• Public realm access

  24-hour access on foot, wheelchair and cycle. At least 1,800sqm play space, 1,790sqm playable space and 1,260sqm communal residents amenity.

• Publicly Accessible Roof Terrace

  On Building BF-F, with a publicly accessible lift, open during opening hours after 90% of Building BF-F is occupied.

• Railway Arch Links

  Northern and Southern arches providing public pedestrian and cycle routes through the site, free of charge, 24 hours a day.

• Cultural Strategy

  Rolling programme of publicly accessible cultural events on the ground floor multi-use spaces of Building BF-F. Maximum 20 days per year of private or ticketed events.

• Drinking water

  At least two free-to-use drinking water fountains in the public realm.

Source: Pearl Yard Section 106 Deed (2024), Schedule 8.

As part of planning permission, the developer must pay a series of financial contributions to Southwark Council and TfL. These total roughly £3.7 million across monitoring fees, transport, carbon offset and employment training.

Source: Pearl Yard Section 106 Deed (2024), Schedules 5, 6, 7 and definitions.