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. 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: Pantheon Park (previously Prime 10) in Wolverhampton comprises 17.5 acres of land on which there is outline planning to build 400,000 sq. ft. of light industrial and industrial warehousing. The site is located in the top 13% most deprived areas of the UK, and the proposed development is intended to create employment opportunities in an area suffering from high unemployment. The site has been vacant for 10 years, largely due to high levels of contamination on the site.
Outcomes: Bridges investment includes undertaking the site remediation work, which is likely to be finished by March 2016.
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