The 251-unit Taberner House scheme in Croydon has received a £100 million funding from Legal & General (L&G), which agreed on the deal with developer HUB and specialist investor Bridges Fund Management. L&G will take ownership of the 35-storey building, on which the main contractor, Henry Construction, has already started construction work.
“Our funding deal will act as a catalyst for further housing development in Croydon and will help support the wider regeneration of the area. Bringing together the development expertise of HUB, the progressive long term vision of Croydon Council and our private capital we are able to unlock the development of much needed housing supply, delivering real UK growth and helping to transform Croydon over the long term,” said Dan Batterton, BTR Fund Manager at L&G.
The 35-storey building will feature rooftop amenity space, communal facilities on the ground and first floors and a ground floor commercial unit. The tower is the tallest of the four blocks that comprise the Taberner House development, which also includes 21-, 19-, and 13-storey buildings. Overall, the development will provide 513 homes as well as new public realm, a children’s play space and a new café. In addition, at least 40% of the units will be designated as ‘affordable’.
“Taberner House is a hugely important development for Croydon and after an extensive process of engagement with the community and other stakeholders we are very excited that work on the scheme is now underway,” said Steve Sanham, HUB Managing Director.
“The deal with L&G is a massive vote of confidence, not only in the quality of the scheme that we are bringing forward but in Croydon itself – a vibrant, innovative and dynamic town with a proud history and a strong identity,” he added.
The Taberner House development is expected to achieve completion in 2021.