HUB gets £62m for Croydon resi scheme
Residential developer HUB and investor Bridges Fund Management have agreed £62m in funding from L&Q to deliver 172 homes in Croydon.
L&Q will fund and acquire two blocks of 13 and 19 storeys, comprising 84 and 88 flats, at Taberner House.
The 513-home scheme is spread over four blocks and offers a mix of rental and shared ownership homes and flexible ground-floor commercial space.
Residential developer HUB and investor Bridges Fund Management have agreed £62m in funding from L&Q to deliver 172 homes in Croydon.
L&Q will fund and acquire two blocks of 13 and 19 storeys, comprising 84 and 88 flats, at Taberner House.
The 513-home scheme is spread over four blocks and offers a mix of rental and shared ownership homes and flexible ground-floor commercial space.
L&Q will provide homes for shared ownership and London living rent tenure, driving the overall affordable provision up to 50%.
Some 90 homes have already been rented via the council’s affordable homes initiative.
The scheme, designed by architectural firm AHMM, will also offer a new public realm, a revitalised Queen’s Gardens and additional public space.
Steve Sanham, managing director of HUB, 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 which has seen this previously stalled site unlocked for the exemplary residential scheme the site deserves.”
The deal follows £100m from L&G last year to forward-fund the tallest, 35-storey, tower of 251 homes.
The redevelopment of the former council HQ has been a long time in the making. It was originally launched in 2014 by the Croydon Council Urban Regeneration Vehicle, a jv between John Laing and the council, and received planning permission for 420 homes to be developed by Essential Living and Places for People. However, the arrangement fell apart when the council switched from Conservative to Labour and Places for People pulled out.
HUB took on the scheme in 2016 with funding from Bridges Fund Management. It submitted revised plans in mid-2017, which upped unit numbers but also affordable percentages, and it was sped through planning in just 11 weeks.
Construction on the scheme began in May 2018 and completion is expected in 2021.
HUB was advised by Savills.
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Photo: AHMM
