Bridges and HUB buy prime City of London repurposing opportunity for £30m
Bridges is delighted to announce its recent acquisition of 45 Beech Street, on the edge of the iconic Barbican Estate, in partnership with HUB Residential – with plans to refurbish the existing building to deliver a high-quality, sustainable residential scheme.
The £30m deal is our eleventh with HUB, and builds on our recent acquisition of another City of London site on Ludgate Hill. It’s an exciting move that will add to our successful track record of delivering well-designed, sustainable community-led residential schemes, following our recently consented project in Hammersmith and Fulham, in partnership with Women’s Pioneer Housing.
45 Beech Street sits within the overall Barbican masterplan, and is currently used as commercial office space. The redevelopment will allow the important character of the building to be preserved, whilst also saving significant amounts of embodied carbon. It will be developed by HUB subsidiary HubCap, with a community consultation on plans for the site to begin in the coming weeks.
Simon Ringer, Head of Property Funds at Bridges, said:
“London has a pressing need for more high-quality living space to house its growing population. Since 2014 we have partnered with HUB on a number of schemes that are on course to deliver more than 3,300 lower-cost and affordable homes with values of over £1 bn.
As part of our mission to help build a more sustainable and inclusive economy, we continue to explore new models with the potential to deliver high-quality housing while reducing carbon emissions. So we’re excited to be working again with HUB on this new Beech Street development: By investing our investors’ capital in needs-driven sectors like this, we are able to deliver our combined targets of strong financial returns for our investors alongside very positive social and environmental outcomes.”
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