Bridges Property Alternatives Fund IV
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: CONNEQT is a 13.9 acre site based in Cannock that has been vacant for the past 50 years. The site has been identified as Employment Land in need of regeneration by Cannock Chase Council. Bridges has acquired the site and, in partnership with Opus Land, will develop environmentally-friendly mixed-use light industrial and office spaces for local businesses.
Outcomes: The site is located in a European Assisted Area. The proposed development will regenerate a site identified as Employment Land by Cannock Chase Council and has been redundant for approximately 50 years. Bridges intends to remediate the brownfield land at an estimated cost of £1.8m. The Council expects that the development will deliver between 251 and 469 jobs with the units potentially occupied by SME’s. Highly efficient environmental and sustainable initiatives are expected to be evaluated during the planning, design and construction stages and implemented subject to viability.
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