Bridges completes key Croydon regeneration scheme buy

By Paul Norman - Monday, August 22, 2016 9:49

Bridges Ventures, the specialist sustainable and impact investor, has exchanged to develop 350 "lower cost" homes, 150 affordable houses and 13,000 sq ft of commercial ground floor at Taberner House in Croydon for its Bridges Property Alternatives Fund IV after buying the site from Croydon council.

Bridges Property Alternatives Fund IV, in tandem with Bridges’ long-standing joint venture partner HUB Group, has agreed to buy the brownfield regeneration site.

It said it expects the development of Taberner House to support over 50 full-time construction jobs, as well as a further 50 jobs post-development.

The site has been acquired from the Local Authority in an off-market transaction. Completion remains subject to planning consent.

Bridges has previously collaborated with HUB on three other housing developments in the outskirts of London: on the Old Vinyl Factory site in Hayes where nearly 200 units have been pre-sold to PRS investor, Fizzy Living, at Chesterfield House in Wembley where planning has been granted for 240 units and in Abbey Wood adjacent to the Crossrail terminus.

This is the first deal for Property Alternatives Fund IV, Bridges’ fourth dedicated property fund, which recently held a first close on £168m. Bridges said that as with Fund III, it will invest in niche sectors, emerging locations, and value situations – with a particular focus on transactions with the potential to generate strong financial returns and societal impact through environmental refurbishment and operational improvements.

Simon Ringer, Partner and Head of Property Funds at Bridges Ventures, said: “We are delighted to have exchanged contracts on our first deal for Fund IV. The capital’s ever-increasing population is creating a growing demand for lower-cost housing for ordinary Londoners, so developments like these have the potential to deliver strong societal impact – as well as being attractive, resilient investments. Within our property funds we are now in the process of delivering well over 1,000 lower cost units in growth locations in London.

“Our three previous collaborations with HUB have shown it’s possible to provide both vital new housing and attractive public spaces that serve the needs of the local community; we intend to draw on this experience to do the same for the people of Croydon.”

pnorman@costar.co.uk

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