By Joey Gardiner2021-05-07T05:00:00+01:00
Manchester developer could enter London market with buyout of troubled Croydon housing company
Manchester-based Urban Splash is in talks to enter the London market by buying up Croydon council’s troubled housing developer Brick By Brick.
Building’s sister title Housing Today understands that press reports stating that a deal is in the offing are substantially correct. If so, it would wipe out the debt owed by Brick By Brick to Croydon.
Brick By Brick homes in Upper Norwood, designed by Stitch Architects
Last November, Housing Today revealed that Brick By Brick was in talks with parties regarding a sale of the business given the financial difficulties being experienced by Croydon, which set up Brick By Brick in 2016 and has lent it more than £200m. Brick By Brick at the time declined to name the potential buyers it was in talks with.
Urban Splash in talks to buy Croydon’s Brick By Brick
Source: Darc Studio
Croydon Council is in advanced talks with developer Urban Splash about a sale of Brick By Brick, the local authority’s housebuilding business
The deal, which was first revealed by the AJ’s sister publication
Property Week, is at the final due diligence stage and is set to be discussed at Croydon’s cabinet meeting later this month.
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If approved by Croydon Council, Manchester-based Urban Splash would snap up all of Brick By Brick’s existing assets – including its architecture arm, AJ 40 under 40 talent Common Ground – and its development pipeline.
By Joey Gardiner 2021-05-06T16:47:00+01:00
Manchester developer could enter London market with buyout of Croydon housing company
Manchester-based Urban Splash is in talks to enter the London market by buying up Croydon council’s troubled housing developer Brick By Brick.
Building Design’s sister title Housing Today understands that press reports stating a deal is in the offing are substantially correct. If so, it would wipe out the debt owed by Brick By Brick to Croydon.
Brick By Brick homes in Upper Norwood, designed by Stitch Architects
Last November, Housing Today revealed that Brick By Brick was in talks with parties regarding a sale of the business given the financial difficulties being experienced by Croydon, which set up Brick By Brick in 2016 and has lent it more than £200m. Brick By Brick at the time declined to name the potential buyers it was in talks with.
Fairfield Halls. Image: Jim Linwood The true cost of refurbishing Croydon’s Fairfield Halls was £76.4 million, well over the £30 million budget. The work was done by council-owned developer Brick by Brick and Croydon taxpayers are expected to pick up at least some of the costs. The latest figures are laid out in the company’s 2019-20 accounts published last week which also shows the company lost more than £800,000. Cash for the works, which were completed in September 2019, were advanced by the council. The company had also received planning permission to build hundreds of homes next to the arts venue with the aim of financing the refurbishment.
By Joey Gardiner 2021-02-10T09:10:00+00:00
Croydon-owned housing company will only build out schemes already on site unless a sale can be agreed
Croydon council-owned housing developer Brick By Brick is to be put into a “managed wind-down” unless a sale to a third party can be agreed.
According to council papers published this week in advance of a meeting of Croydon’s scrutiny and overview committee meeting, Brick By Brick has had discussions with one potential bidder for the business. If that fails, the recommendation of council officers is that the firm be instructed to build out homes currently under construction and sell the remaining sites in its pipeline, before being wound down.