Bridges Property Alternatives Fund III
Date of Initial Investment
Challenge: Employment opportunities are not evenly distributed across the UK, and the poorest communities are often more disadvantaged in terms of access to affordable accommodation, office space, services and economic opportunities. But these challenges – underutilised property, unmet demand and underutilised local talent – also present opportunities for growth. In many of these ‘regeneration areas’ there is also the opportunity to build to higher sustainability standards, benefitting the environment and the well-being of those working in the property.
Investable Solution: Bridges has acquired a freehold development site adjacent to the Abbey Wood Elizabeth Line (Crossrail) station in partnership with HUB. The development is envisioned to include hotel/commercial spaces as well as housing, developing approximately 230+ mid-market residential units. The project should provide relatively low-cost housing in an emerging London Zone 4 location within 100 meters walking distance of the final stop of the south-eastern Elizabeth Line.
Outcomes: Abbey Wood is ranked in the 8.6% (LSOA 19.7%) most deprived local authorities in the UK. The development of housing on the currently vacant site next to a future Elizabeth Line station represents an important opportunity to regenerate the area. The new development is envisioned to provide a mix of tenures, including affordable housing, private residential units and some commercial space. The development may include environmental initiatives where viable.
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