HUB and Bridges Fund Management have acquired 42 Southwark Bridge Road in London for £36m with a view to repurposing the 100,000 sq ft office site into a residential-led development.
The structure of the existing vacant office building, which is no longer fit for purpose, will be retained and upgraded to deliver low-carbon homes.
HUB and Bridges intend to deliver commercial space on the ground floor of the building, which is located close to London Bridge, Southwark and Borough stations.
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 now 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, added: “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. This latest scheme builds on our extensive experience of the living sector, ranging from urban office retrofits like this to our thriving senior living platform Birchgrove.”
HUB was represented by JLL on the acquisition and Howard Kennedy provided legal advice.
