Bridges and HUB have agreed to a €73.4m (£62m) deal with leading housing association L&Q to develop 172 homes in Croydon, south London. The forward funding deal will see L&Q fund and take ownership of two blocks, comprising 84 and 88 units, which form part of Bridges’ wider Taberner House development. L&Q will provide a mixture of Shared Ownership and London Living Rent apartments in the two blocks, increasing the overall level of Affordable Housing being provided across the Taberner House development to 51%.
Designed by Stirling Prize-winning architect AHMM, the Taberner House scheme will provide a total of 513 homes in four blocks, with a mixture of rented and shared ownership homes, new retail space, new public realm, a revitalised Queen’s Gardens including new play space, and a new café. The blocks feature rooftop gardens and front onto popular local park The Queen’s Gardens. Completion of the Taberner House development is expected in 2021.
Simon Ringer, Head of Property Funds at Bridges, said: “There is a clear shortage of quality lower-cost housing in Greater London. So we’re delighted to be able to transform this disused site into more than 500 new homes, over half of which will now be classed as Affordable Housing – well ahead of the Council’s original target. This deal with L&Q reflects the value of all the good work done by HUB and Bridges to make this happen.”
Steve Sanham, HUB Managing Director, said: “The deal with L&Q follows a huge amount of collaborative working with multiple stakeholders, and importantly Croydon Council. It’s this collaborative working that has seen this previously-stalled site unlocked for the exemplary residential scheme the site deserves – and we are particularly pleased that this deal has helped us increase the level of Affordable Housing across the development to 51%. We are well on the way with the delivery of the project, with cranes due to go up before Christmas.”
