The development is designed by architects TP Bennett and comprise one-, two- and three-bedroom apartments, with external improvements to the existing commercial space also taking place.
Printing company FE Burman, which occupies the building, has 50 employees and will stay fully operational during the development process.
The project is seen as a positive example of residential and industrial land uses co-existing and a viable solution to inner-city land shortages, as well as the result of a close collaboration between Fruition Properties, Southwark Council and the commercial occupier.
Parul Scampion, chief operating officer at Fruition Properties, said: “Through careful consideration of all parties and a collaborative approach, this innovative scheme will deliver much-needed new homes without compromising the industrial landscape and heritage that this area of Bermondsey is known for.
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“Rooftop development projects like this provide a win-win solution to solving the capital’s housing shortage in a measured way that doesn’t compromise key employment space.”
Doug Smith, principal director at TP Bennett, added: “With land values still rocketing and established businesses having to migrate outside central London, we see a great opportunity in this type of inner-city densification.
“Such a development will help maintain Bermondsey as one of London’s most diverse and vibrant quarters, where manufacturing, creative energy and high-quality living co-exist with all benefiting from the relationship.”
Michael Burman, founder of FE Burman, concluded: “I am delighted to be able to facilitate a development that enables both the maintenance of longstanding traditional skills and employment in Southwark and the provision of much-valued accommodation.”
Construction is due to start in spring 2020, with the estimated completion towards the end of next year.