Bridges and HUB agree £62m deal with L&Q for 172 affordable homes in Croydon
Bridges and HUB, a specialist residential developer, have agreed a £62m deal with leading housing association L&Q to develop 172 homes in Croydon, south London.
The forward funding deal will see L&Q fund and take ownership of two blocks, comprising 84 and 88 units, which form part of Bridges’ wider Taberner House development.
L&Q will provide a mixture of Shared Ownership and London Living Rent apartments in the two blocks, increasing the overall level of Affordable Housing being provided across the Taberner House development to 51%.
Designed by Stirling Prize-winning architect AHMM, the Taberner House scheme will provide a total of 513 homes in four blocks, with a mixture of rented and shared ownership homes, new retail space, new public realm, a revitalised Queen’s Gardens including new play space, and a new café. The blocks feature rooftop gardens and front onto popular local park The Queen’s Gardens.
Simon Ringer, Head of Property Funds at Bridges, said: “There is a clear shortage of quality lower-cost housing in Greater London. So we’re delighted to be able to transform this disused site into more than 500 new homes, over half of which will now be classed as Affordable Housing – well ahead of the Council’s original target. This deal with L&Q reflects the value of all the good work done by HUB and Bridges to make this happen.”
Steve Sanham, HUB Managing Director, said: “The deal with L&Q follows a huge amount of collaborative working with multiple stakeholders, and importantly Croydon Council. It’s this collaborative working which has seen this previously-stalled site unlocked for the exemplary residential scheme the site deserves – and we are particularly pleased that this deal has helped us increase the level of Affordable Housing across the development to 51%. We are well on the way with the delivery of the project, with cranes due to go up before Christmas.”
The L&Q deal follows the announcement of a £100m forward funding deal with Legal & General back in May 2018. That deal will see Legal & General Investment Management take ownership of a 35-storey building on the Taberner House site, which will become a 251-unit build-to-rent tower.
Bridges and HUB are jointly developing a number of lower-cost housing developments across Greater London, in line with Bridges’ focus on investing in needs-driven sectors and emerging locations. These projects could deliver over 1,500 homes with a combined value of over £500m.
As part of the development, adjacent park The Queen’s Gardens will be enlarged and revitalised, with new landscaping and amenities. HUB and landscape architect Grant Associates involved the local community in a large collaborative design process, coordinated by consultant Kaizen, to develop a detailed brief that reflects Croydon’s priorities and needs.
Completion of the Taberner House development is expected in 2021.
Savills advised HUB on the forward funding deal with L&Q.
Notes to editors
HUB is an experienced, people-centred developer delivering thoughtfully designed homes and places in well-connected locations.
The company was set up in 2012 with the recognition that too many of today’s developments are not accessible to the majority of people in the UK. With a pipeline of over 2,500 homes, both for sale and rent, HUB is going some way to make up for the shortfall. Beyond supplying well-designed homes, HUB’s focus centers on providing spaces for local communities to engage, interact and grow. To achieve this, HUB carries out extensive public consultations and community engagement programmes and offers local employment and training schemes across its sites.
HUB’s developments include Taberner House and the redevelopment of the popular Queen’s Gardens in Croydon; The Boiler House and Material Store on the grounds of the former EMI factory in Hayes; the Rehearsal Rooms in North Acton, one of London’s first institutionally-backed PRS schemes; and Hoola London, a residential scheme heated by excess energy from the neighbouring ExCel, at the Royal Victoria Dock.