Revived plans to redevelop Croydon Council’s former offices are being backed by specialist fund manager Bridges Ventures.
Property Week is reporting that its backing for Hub’s development on the former site of Taberner House is the first for its alternatives fund IV as the company looks to tap in to Croydon’s growth potential.
The new joint venture is pitching for a larger scheme than the original 420-home proposals by CCURV which collapsed last year.
Bridges and Hub intend to develop 350 low-cost homes, 150 affordable homes and 13,000 sq ft of commercial space with the scheme set to go in for planning early next year. There will be a combination of homes for sale and for rent.
“Developments like these have the potential to deliver strong societal impact as well as being attractive, resilient investments,” said Simon Ringer, Bridges’ head of property funds.