HUB and Bridges Fund acquire 42 Southwark Bridge Road for residential conversion

Impact investor Bridges Fund Management and UK developer HUB have acquired 42 Southwark Bridge Road in London for £36m (€43m). The partners plan to repurpose the existing 100,00sqft office block into a living-led scheme.

The vacant office building will be refurbished and upgraded to provide low-carbon homes. The ground floor will be repurposed for commercial uses “to help integrate the building within its locality and positively contribute to the streetscape”, the firms have said.

The acquisition adds to the two firms’ growing pipeline of office-to-living conversions, which includes 174 co-living homes at Cornerstone, adjacent to the Barbican estate, and 150 Minories, another commercial-to-residential project.

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, said: “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.”

She added that this latest project “builds on our extensive experience of the living sector”, ranging from urban office retrofits to the manager’s senior living platform Birchgrove.

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