Taberner House

Bridges Property Alternatives Fund IV

Housing and commercial redevelopment of the old Croydon Town Hall

  • Theme

    Underserved Markets

  • Date of Initial Investment

    20161201

  • Bridges Executives

  • Management Team

Challenge: Economic opportunity is not evenly distributed across the UK, and the poorest communities are often more disadvantaged in terms of access to affordable accommodation and services.  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 occupying in the property.

Investable solution: In the quest to find more and lower-cost accommodation for London’s ever-expanding population, efforts to regenerate Croydon – one of London’s most populous boroughs – are well underway. Bridges Property Alternatives Fund IV and regular joint venture partner HUB Group have acquired, off-market, an important brownfield site: Taberner House, the old Croydon town hall. The location benefits from excellent transfer links and is only five minutes’ walk from the new Westfield/Hammerson shopping centre and leisure scheme. Bridges plans to build a high-quality, residential-led development of approximately 500 units, plus 13,000 sq. ft. of commercial ground floor space.

Outcomes: The Taberner House projects presents a regeneration opportunity in a site previously considered unviable by investors due to the high levels of required affordable housing. Of the c. 500 units proposed to be built by Bridges, 30% will be made up of affordable housing. 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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