Savills Investment Management has bought a 43,000 sq ft industrial site in Grafton Street, West Croydon, in a joint venture with Urbanwise.
A mixed-use development of 97 homes, alongside a ‘creative and cultural industries’ hub of 78 artist/start-up studios, is planned for the Grafton Quarter.
The site will be developed on behalf of Savills’ Prime London Residential Property Fund II and has a gross development value of £39.5m.
Julian Symons, director of development at Savills Investment Management, said: “This project meets the investment criteria for PLRDF II in terms of geography, price point, returns and lot size. The need for additional quality affordable housing in London is far stronger than in any other part of the country.
While PLRDF I focused on prime central London, PLRDF II is seeking to capitalise on the fundamental shortage of housing stock in the capital by targeting mid-market residential developments in select locations and has three other residential development sites in London under contract.
