Impact investor Bridges Fund Management and UK developer HUB have acquired 42 Southwark Bridge Road in London for 拢36m (鈧�43m). The partners plan to repurpose the existing 100,00sqft office block into a living-led scheme.
The vacant office building will be refurbished and upgraded to provide low-carbon homes. The ground floor will be repurposed for commercial uses 鈥渢o help integrate the building within its locality and positively contribute to the streetscape鈥�, the firms have said.
The acquisition adds to the two firms鈥� growing pipeline of office-to-living conversions, which includes 174 co-living homes at Cornerstone, adjacent to the Barbican estate, and 150 Minories, another commercial-to-residential project.
Miles Keeley, head of acquisitions at HUB, said: 鈥淭his 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.
鈥淭his 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 now working with our project partners to create a best-in-class development that complements its existing bustling neighbourhood.鈥�
Celia Harrison, director at Bridges Fund Management, said: 鈥淲e urgently need to address the under-supply of quality homes in London 鈥� while also working to decarbonise the built environment.
鈥淲e think this kind of well-located low-carbon housing is an important part of the answer 鈥� particularly if we can make use of smart design and communal spaces to not only reduce the building鈥檚 carbon footprint but also combat social isolation and enhance residents鈥� wellbeing.鈥�
She added that this latest project 鈥渂uilds on our extensive experience of the living sector鈥�, ranging from urban office retrofits to the manager鈥檚 senior living platform Birchgrove.
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