Queen's Quarter - Bridges Fund Management

    

    



























 






    
	            
			    
    



		
		    

    
    
    





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Queen’s Quarter

Over 500 new homes on the site of the old Croydon Town Hall

Investment Strategy

Property

Theme

Stronger Communities

Date of initial investment

December 2016

Bridges Executives

Simon Ringer

Thesis:
There is a pressing need for more lower-cost and affordable housing, with research indicating that England needs 340,000 new homes a year until 2031 to tackle the housing shortage. London, in particular, needs over 65,000 new homes annually for its growing population, with only 20,000 having been built per year in the last decade.

By developing more lower-cost and affordable housing, we can broaden access to quality accommodation, while also enabling local employment and positive regeneration of these areas. There is also an opportunity to build housing to higher sustainability standards, benefitting the environment and the well-being of those occupying in the property.

Investment:
In the quest to find more and lower-cost accommodation for London’s ever-expanding population, there has been a significant effort to regenerate Croydon,one of London’s most populous boroughs. In 2016, Bridges – alongside regular joint venture partner HUB – acquired, off-market, an important 3-acre brownfield site in the centre of Croydon. The location benefits from excellent transfer links and is only five minutes’ walk from the new Westfield/Hammerson shopping centre and leisure scheme. Bridges and HUB have since delivered a high-quality scheme comprising 513 residential units across four blocks, plus a new public park (Queen’s Gardens), community café and play area, following an extensive consultation process with over 1,500 local residents.

Outcomes:
The development is targeting a 48% emission reduction over a standard new-build development; it incorporates a Combined Heat and Power (CHP) unit, the thermal storage has been optimised to reduce emissions further, and c.3,800 sq. ft. of solar photovoltaics have been installed. The commercial areas of the scheme have achieved a BREEAM “Excellent” rating. Local training and employment was also prioritised during construction, with a target of 20% of the construction workforce to come from the Borough, and 25% of maintenance contracts to be procured locally.