HUB and Bridges Fund Management have signed an £88m forward-funding deal with Singapore-based real estate developer City Developments Limited (CDL) to deliver a mixed tenure scheme in Wood Lane, West London.
The Yardhouse development will provide 209 co-living homes alongside amenity spaces and two roof terraces, offering views across London. Through a partnership with specialist housing association Women’s Pioneer Housing (WPH), the project will also deliver 60 affordable homes for single women, as well as a new head office for WPH.
The agreement is HUB and Bridges’ first co-living forward-funding deal and CDL’s first co-living scheme in the UK.
Damien Sharkey, managing director of HUB, said: “This forward funding deal – HUB’s 12th – will be instrumental to our delivery of this next gen co-living scheme. We’re thrilled to partner with CDL on its first co-living development in the UK, and move forward with the first project in our growing co-living pipeline. Not only does this further strengthen our commitment to innovative and inclusive housing solutions that meet the evolving needs of communities, but it reinforces our confidence in the resilience of the real estate market and the appeal of this emerging asset class.”
Simon Ringer, partner at Bridges Fund Management, added: “This landmark deal reflects the strong demand in London for lower-cost, high-quality co-living space. We have worked extensively with the local community to make sure that Yardhouse caters to local needs – in line with our ongoing commitment to support best-in-class developments in needs-driven sectors. We can’t wait to see this pioneering scheme come to life.”
Tracey Downie, chief executive of Women’s Pioneer Housing, said: “I am really pleased that this milestone has been reached, and that this project, which will almost double the number of affordable homes on this site, is moving forward. Each home will be spacious and built to very high standards, significantly improving our offer to women locked out of the London housing market. Through this partnership with HUB and Bridges Fund Management we are committed to delivering an exemplar scheme and fostering a genuine community”.
HUB and Bridges were advised by Knight Frank, Gowling WLG and Archor.
