Patrizia, a real assets investment manager, and Fabrix, a real-estate developer, have formed a £100m ($133.81m) joint venture (JV) to provide affordable and sustainable housing in London, UK.
Named Sustainable Communities London (SC London), the venture aims to address the shortage of affordable housing in the UK capital by repurposing underused urban sites for residential development.
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The focus will be on creating alternative residential options, including purpose-built student accommodation (PBSA), to meet the diverse needs of London’s growing population.
An initial equity commitment of £45m has been made, with Patrizia managing the investment and Fabrix taking on the role of development partner.
SC London’s inaugural project is the redevelopment of a disused 1980s office building at 182-202 Walworth Road in the area of Elephant and Castle.
The project will deliver a mixed-use development with an emphasis on student accommodation and community engagement.
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By GlobalDataFabrix CEO and founder Clive Nichol said: “Our collaboration with Patrizia allows us to scale our vision of reimagining urban areas to positively impact and serve society.
“Our development at 182-202 Walworth Road is a blueprint for how innovative, community-focused development of alternative housing sectors such as PBSA and co-living can help address London’s housing crisis while delivering significant social and environmental sustainability outcomes.
“Through Sustainable Communities, we look forward to unlocking the delivery of more much-needed affordable homes for London.”
Upon completion, the development will offer 23 homes at social rent levels, accounting for 35% of the total residential units, alongside 283 student beds.
In addition to residential spaces, the development is set to include 5,000ft² of retail space, a 6,200ft² community garden, and a 2,600ft² community kitchen.
Future plans for SC London include expanding into other alternative housing sectors such as co-living spaces, with the aim of creating more opportunities for affordable housing and promoting inclusive urban development.
Upon completion, the affordable housing units will be sold to provide social rent homes in the London Borough of Southwark.
Marleen Bekkers, fund manager of Patrizia Sustainable Communities, said: “By partnering with Fabrix to repurpose underutilised land and assets like this one in Elephant and Castle, we can deliver high-quality homes while setting new standards for environmental and social impact in the capital.”
