PATRIZIA and Fabrix have launched a new £100m+ residential joint venture called Sustainable Communities London (SC London) in a bid to help tackle the capital’s housing crisis.
The platform will start with an initial equity commitment of £45m of client capital managed by PATRIZIA and aims to deliver sustainable, affordable and alternative housing solutions in London by repurposing underused urban land and buildings.
The JV’s first project, at 182-202 Walworth Road in Elephant & Castle, is already underway and will see a redundant 1980s office building transformed into a mixed-use, purpose-built student accommodation (PBSA) led and community-focused development.
The scheme received planning consent in November 2024 and will deliver 23 affordable homes at social rent (equivalent to 35% total residential provision), alongside 283 purpose-built student accommodation (PBSA) beds. In addition, it will provide 5,000 sq ft of retail space, a 6,200 sq ft community garden and a 2,600 sq ft community kitchen.
Once completed, the affordable housing units will be sold to and operated by a registered provider to provide the London Borough of Southwark with much-needed social rent homes.
Marleen Bekkers, fund manager of PATRIZIA Sustainable Communities, said: “This latest expansion of our Sustainable Communities platform demonstrates how impact-driven investment can address London’s acute housing challenges while delivering long-term value. By partnering with Fabrix to repurpose underutilised land and assets like this one in Elephant & Castle, we can deliver high-quality homes while setting new standards for environmental and social impact in the capital.”
Clive Nichol, CEO and founder of Fabrix, added: “Our collaboration with PATRIZIA allows us to scale our vision of reimagining urban areas to positively impact and serve society. Our development at 182-202 Walworth Road is a blueprint for how innovative, community-focused development of alternative housing sectors such as PBSA and co-living can help address London’s housing crisis while delivering significant social and environmental sustainability outcomes. Through Sustainable Communities, we look forward to unlocking the delivery of more much-needed affordable homes for London.”
