More than 250 new apartments are to be built in south London.

Legal & General (L&G) has agreed a £100 million deal with developer HUB and specialist investor Bridges Fund Management to kick-start the 251-unit Taberner House scheme in Croydon.

The forward funding deal will see L&G take ownership of the 35-storey building and main contractor Henry Construction has already started work. Features will include 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'.

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Completion of the Taberner House development is scheduled for 2021.

Dan Batterton, BTR Fund Manager at L&G, said: "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."

Steve Sanham, HUB Managing Director, said: "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.

"The deal with Legal & General 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."

(LM/MH)