Up to 350 lower-cost residential units, including 150 affordable properties, will be developed in Croydon, after a property fund managed by Bridges Ventures, the specialist sustainable and impact investor, exchanged contracts on the scheme.
Bridges Property Alternatives Fund IV, in tandem with Bridges Ventures’ long-standing joint venture partner HUB Group, has agreed to acquire a brownfield development site within a major regeneration area in Croydon with a view to delivering the large-scale development of Taberner, which will also feature 13,000 sq ft of commercial ground floor space.
This is the first deal for Property Alternatives Fund IV, Bridges Ventures’ fourth dedicated property fund, which recently held a first close on £168m. 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, commented: “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.”