Addleshaw Goddard team has advised HUB on its forward funding deal with Bridges Fund Management and CBRE UK Affordable Housing Fund (a fund managed by CBRE Global Investors) to deliver Abbey Place, a development of 245 homes in Abbey Wood, South East London.
The Addleshaw Goddard team was led by partner Chris Cartwright, with support from managing associate Hanan Taousi-Chaboun (Real Estate), partner Marnix Elsenaar and managing associate Sarah Hodge (Planning and Infrastructure Consenting) and partner Peter Sayer (Tax).
Designed by architects shedkm, the 13- and 21-storey residential towers will form a landmark mixed-use development on a key 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. Abbey Place will improve the arrival experience to the new station and set a new benchmark for development quality in the area.
The forward funding deal with CBRE Global Investors means that work is now expected to begin on site in December 2020, with the scheme expected to complete in Q3 2023.
HUB acquired the site in partnership with Bridges Fund Management. Abbey Place was granted full planning permission in September 2018.
Chris Cartwright said: "It’s fantastic to be involved in a regeneration project of this stature, which delivers an affordable PRS scheme, in a landmark London location, with high quality developments which promote growth and support local communities, all of which have the hallmarks of a successful HUB scheme."