Packaged Living and joint venture partner Buccleuch Property have acquired a £40m GDV co-living development opportunity in Woolwich for an undisclosed price.
The site currently comprises a mixed-use commercial property leased to retail and office occupiers and the JV partners intend to deliver a co-living development offering 150 homes. The transaction is the third deal undertaken between Packaged and Buccleuch.
Ed Owen, investment director at Packaged Living, said: “Following detailed analysis of the co-living sector in London, we are delighted to have now launched our strategy and secured our first asset. The demand/supply imbalance for high quality, professionally managed, rental housing in London is high and we see co-living as part of the solution to help ease the supply shortfall.
“Alongside our complimentary strategies in regional multifamily, garden style housing, and single-family housing, we are actively seeking further opportunities across London to build out our co-living portfolio. We are also delighted to have concluded another transaction with Buccleuch Property with whom we first partnered in 2022 and have successfully secured a strong development portfolio of MFH assets nationwide.
Sandy Smith, development director at Buccleuch, added: “Buccleuch Property are thrilled to have secured our third opportunity with our partners at Packaged Living and we are very excited about bringing forward our first co-living scheme with them to complement our other projects. We have been monitoring the co-living sector for some time and feel that our proposals in Woolwich will deliver an exceptional product with unbeatable ‘connectivity’.”
Shoosmiths provided legal advice.
