HUB and Bridges acquire U+I site to deliver 200 homes in south east LondonTue 01 Dec 2015
HUB and Bridges Ventures (“Bridges”) have acquired a one-acre site within U+I’s Cross Quarter regeneration scheme in Abbey Wood, south-east London, with a view to building more than 200 new homes.
The investment is a partnership between The Bridges Property Alternatives Fund, managed by specialist sustainable and impact investor Bridges, and HUB, a specialist residential developer. The partners believe that Cross Quarter – a £85 million mixed-use project that will benefit from proximity to the Crossrail terminus station from 2018 – represents a landmark regeneration opportunity.
Bridges and HUB are now partnering on three London housing projects, each of which is focused on enhancing the economic and social outlook of the local area. Other projects include the building of 237 homes at U+I’s west London regeneration project at the Old Vinyl Factory in Hayes, EMI’s former record-pressing plant.
The Abbey Wood site – which is part of the final phase of Cross Quarter – is located in the Royal Borough of Greenwich, making this HUB’s first development in south-east London. HUB now has a pipeline of more than 1,200 mid-market homes across London.
Steve Sanham, development director at HUB, said:
“Cross Quarter is the perfect example of how transport and long-term investment can revive a community. And with our focus on creating mid-market homes for Londoners, the project will offer vital new opportunities for housing the capital’s workers.”
Richard Upton, deputy chief executive, U+I said:
“Our skills and approach to mixed-use development have enabled us to regenerate a redundant but well-connected piece of land into a vibrant new gateway destination for Abbey Wood. We have an extensive track record of regeneration within the Royal Borough of Greenwich, having recently completed our development at The Movement in Greenwich town centre and with ongoing development projects at Morden Wharf and Telegraph Works on Greenwich Peninsula. HUB’s track record in creating well-designed homes for the mid-market makes them the perfect partner for us. We’re confident that the new homes, combined with the nursery and new public square, will help complete a thriving community in this emerging area of London.”
Simon Ringer, partner and head of property funds at Bridges Ventures, said:
“We’re delighted to be working with HUB on another residential project. As well as being a compelling commercial opportunity in an emerging growth location, we also believe it can also have a powerful social impact by contributing to the regeneration of this part of south-east London.”