The acquisition of Sandringham Mews will turn a West London car park into more than 300 high-quality homes with shared amenities.
UK-based impact investor Bridges Fund Management and community-focused developer HUB have jointly bought Sandringham Mews, a 318-home consented co-living scheme in the West London borough of Ealing. No financial details were disclosed.
House prices in Ealing averaged more than £780,000 (€915,000) last year, according to UK property website Rightmove. The median gross annual income for full-time workers in Britain stood at £37,430 in April last year, according to the Office for National Statistics.
The project, which currently serves as a car park fronted by shops in Ealing’s town centre, will be turned into homes with shared amenities such as a communal kitchen, gym, cinema, co-working space, and sunken courtyards with biodiverse planting. The ground floor will be rented out to retailers.
“Co-living is an important part of the answer to the housing crisis in our major cities. With this Sandringham Mews development, we are taking an under-used site, in an area where there is a clear under-supply of housing, and transforming it into more than 300 sustainable homes – while also creating an asset that benefits the local community through new outdoor and retail space,” said Simon Ringer, head of property funds at Bridges Fund Management.
Housing crisis
Founded in 2002 by Sir Ronald Cohen, Michele Giddens and Philip Newsborough, Bridges Fund Management predominantly focuses on investments in lower-cost living, low-carbon logistics and healthcare. Since 2012, the Bridges Property Funds have developed more than £2bn of assets across more than 70 sustainable real estate transactions.
“Good housing is absolutely fundamental to enabling individuals to thrive and fulfil their potential, while also building stronger, more resilient communities,” a Bridges Fund Management spokesman told Impact Investor.
The Bridges Property Funds have built more than 5,000 homes across the country in the past decade to try and ease the housing crisis in Britain, he said.
Bridges Fund Management and HUB have previously developed co-living projects in West and East London as well as the city of Bath, in Somerset.
“This scheme continues HUB’s mission to transform under-utilised and well-connected urban sites into living-led developments that enhance the area while meeting market demand for homes. It is an excellent example of co-living shaping sustainable and enriched neighbourhoods for the future,” said Miles Keeley, head of acquisitions at HUB.
