Co-Living acquires and re-purposes spaces to create co-living accommodation. This sector has a diverse client base that, unlike the apartment market, is under supplied.
The rise of the sharing economy has helped drive coliving, where young professionals live in rental accommodation with communal areas and a strong community ethos. Institutional investors, in turn, are being attracted by strong returns and the sector’s increasing maturity.
According to property consultancy JLL, in Europe, around 60 per cent of the 23,000 coliving beds became operational in the past two years.
Co-Living is building a 1500 bedroom portfolio across London’s zones 2 & 3 by acquiring existing hotel buildings, offices and apartments and re-purposing them into flat shares/co-living spaces.
Co-living provides much higher returns per sq/ft when comparing traditional rental properties. Due to Co-Living’s efficiencies of space and management, it outperforms them by at least 45 per cent, says the company.
Ridge, which was also part of the team which helped to convert the Exhibition and Conference Centre at the University of the West of England (UWE Bristol)’s Frenchay campus into a 300-bed temporary Nightingale hospital, has extensive experience in the residential sector and will be responsible for providing planning consultancy services for the company. These services will include initial appraisals and obtaining the planning permissions for a range of sites for the development of the model at Co-Living.