Picture House Court
Bridges Sustainable Property Fund
Underserved Markets, Sustainable Living
Date of Initial Investment
Challenge: The poorest communities are often more disadvantaged in terms of access to affordable accommodation, office space, services and economic opportunities. The challenges this creates – 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 living and working in the property.
Investable solution: Bridges undertook a joint venture with local developer Urbis Developments to develop nine apartments, 17 town houses and a retail unit on an unused and dilapidated site in North Street. The site is located in Bristol Local Authority which is in the bottom 24% most deprived local authorities in the country. The development was completed in Q2 2015, and the homes are now on sale. The development has been constructed to the Passivhaus scheme, which will enable up to a 75% reduction in fuel costs and a 92% reduction in space heating.
Outcomes: While providing housing and commercial space in an underserved market, Picture House Court is likely to result in significant energy savings for the occupiers and a CO2 reduction of at least 80% relative to the baseline.
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