The CBRE UK Affordable Housing Fund, which raised £250m (€272m) from UK institutional investors in 2019, is forward funding a London development by HUB and Bridges Fund Management.

Abbey Place, a development of 245 homes in Abbey Wood, South East London will form a mixed-used development on a site adjacent to the new Abbey Wood Crossrail station.

The scheme will provide 72% affordable housing, as well as three commercial units, a new public square and improvements to the public realm.

Work is expected to begin this December and the project is expected to complete in the third quarter of 2023.

HUB acquired the site in partnership with Bridges Fund Management. Abbey Place was granted full planning permission in September 2018.

Tim Barlow, chief operating officer at HUB, said: “Abbey Place will provide 245 high-quality homes, 72% of which are affordable, and commercial space adjacent to the new Crossrail station. We hope this exceptional scheme will act as a catalyst for further growth in the area.

“HUB has a track record of working closely with local communities to deliver architecturally-superb schemes of which everyone can be proud. We hope that Abbey Place will be at the heart of a thriving community.”

Simon Ringer, head of property funds at Bridges Fund Management, said: “As the population of London continues to expand, there is a clear need for more lower-cost and affordable housing.

“Our previous projects with HUB are on course to deliver over 1,000 high-quality units across London, including a significant number of affordable homes. So we are delighted to be partnering again with HUB again for this outstanding scheme in Abbey Wood, which fits perfectly with our focus on growth locations and needs-driven sectors.”

DJ Dhananjai, fund manager of CBRE Affordable Housing Fund at CBRE Global Investors, said: “Abbey Place funding shows our commitment to delivering additional affordable housing, and private-rented homes at a low rental level in a high quality development.

“This asset will generate a positive social impact by bringing forward affordable homes in one of the largest regeneration areas in Greater London.”