Angelo Gordon, the giant US finance company behind Brixton Village and plans for a 20-storey tower in central Brixton, is funding another local development.
In a joint venture with “ultra urban” warehouse developer Bloom, it will build five units on Brixton Hill, designed by architects Chetwoods and totalling 35,360 square feet.
Lambeth council recently granted planning permission for the scheme.
The units will be next to the former George IV music pub – now a Tesco Express – at 146-156 Brixton Hill and at units 5 and 6 Waterworks Road.
Construction is due to start in September with completion expected in August 2023.
Together with a similar warehouse in Hackney, the joint venture scheme is worth about £250m.
Bloom said the developments will target high level environmental ratings and include green walls, green roofs, increased landscaping, bird boxes and insect hotels.
They will use renewable energy from solar photovoltaic panels on roofs and provide lorry, car and cycle electric vehicle charging points.
Bloom said that since the start of its joint venture with Angelo Gordon in 2021 it has acquired assets in Brixton, Greenwich, Hackney, Fulham, Camberwell and Park Royal for £78 million.
Tom Davies, co-founder of Bloom, said: “Our first two planning consents represent an important milestone for the Bloom team, which is working hard to deliver high-quality and design-led industrial and logistics schemes in supply-constrained inner London sub-markets”.
Co-founder Sam McGirr said: “These planning consents for well-located sites give us the opportunity to meet the high demand for convenience and speed from businesses, such as food and beverage delivery, post and parcel, e-mobility, self-storage and urban logistics and consumers in the local communities.”
The two formed Bloom two years ago “with a mission to transform under-utilised real estate in central London into ultra-urban industrial and logistics space”.