Hub and Bridges snap up Southwark office

Hub and Bridges Fund Management have acquired 42 Southwark Bridge Road, in Southwark, SE1, for £36m. The partners plan to repurpose the existing office on the 100,000 sq ft site into a living-led scheme. The structure of the existing vacant office building will be retained and upgraded in the process to deliver low-carbon homes. The acquisition adds to Hub and Bridges’ growing pipeline of office-to-living conversions, which includes 174 co-living homes at Cornerstone, adjacent to the Barbican estate, EC2. Miles Keeley, head of acquisitions at HUB, said: “This acquisition builds our pipeline of commercial assets that need repositioning to thrive again. There is a significant opportunity for office-to-living conversions that introduce new homes in ultra urban locations, while upgrading building performance and delivering carbon savings. “This site is within a pocket of central London that is in need of additional, high-quality housing to serve its large workforce and existing community. We look forward to working with our project partners to create a best-in-class development that complements its existing bustling neighbourhood.” Celia Harrison, director at Bridges Fund Management, said: “We urgently need to address the under-supply of quality homes in London, while also working to decarbonise the built environment. We think this kind of well-located, low-carbon housing is an important part of the answer, particularly if we can make use of smart design and communal spaces to not only reduce the building’s carbon footprint, but also combat social isolation and enhance residents’ wellbeing.” Hub was represented by JLL on the acquisition, with legal advice provided by Howard Kennedy. Image from Hub