It sits on the site of the Savoy Palace, once owned by John of Gaunt, that was destroyed in the Peasants' Revolt of 1381. Work was begun on the building in 1502 by King Henry VII and it received its first charter to operate as a hospital foundation in 1512 to look after 100 poor and needy men of London. The hospital had fallen into ruin by the late 18th century; only the chapel survived the consequent demolition, which enabled the construction of an approach road at the north of first Waterloo Bridge.