The Duke of Westminster’s Grosvenor property firm confirmed this month that work will start ‘soon’ on the redevelopment of the Biscuit Factory, following the recent City Hall decision to grant planning permission.

Announcing the firm’s financial results, Grosvenor Group chief executive Mark Preston said: “…in London’s Bermondsey work will start soon on the building of over 1,500 rental homes and a secondary school, which will improve the fabric of this part of the city, delivering much-needed rental housing and creating a new investment for long-term hold”.

The Duke of Westminster and the Grosvenor family were placed at number 10 in the Sunday Times Rich List published this week, up from 14th place a year ago, with their wealth estimated at £10.295 billion.