Bridges Property Alternatives Fund III
Date of Initial Investment
Challenge: Employment opportunities are not evenly distributed across the UK, and the poorest communities have become the most disadvantaged in terms of access to affordable accommodation, office space, services and economic opportunities. Pockets for growth exist in these places where there is underutilised property, unmet demand and underutilised local talent.
Investable Solution: Bridges acquired Chesterfield House in Wembley in a joint venture with HUB. Formerly Brent Council’s education department, the partly vacant property occupies a highly prominent site close to the town centre and Wembley stadium. After extensive consultations with the local community, the development received planning permission and will consist of two 21 and 26 storey towers containing 239 homes. Almost half of the homes for rent will be let at affordable prices. These will sit above a new community centre, public space, retail space and cycle storage.
Outcomes: The Brent Local Authority is ranked in the 10% most deprived areas of the UK. This investment presents an opportunity to create a landmark building and help stimulate the local area. The development will provide homes at discount market rent, and will also provide space for a community centre.
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