Bridges Fund Management and development partner HUB have appointed JJ Rhatigan as main contractor to deliver the Cornerstone co-living development in the City of London.
To support the next phase of delivery, Firma Partners has provided a £78.1m development loan for the project, with BBS Capital advising the parties in securing debt.
Designed by Allford Hall Monaghan Morris (AHMM), the adaptive reuse scheme will convert and extend the 1950s office building at 45 Beech Street into 174 co-living homes.
In addition to 49,000 sq ft of living space, Cornerstone will feature 8,000 sq ft of shared amenities including co-working spaces, a gym, café, laundry, communal lounges and a roof terrace.
With strip-out of the existing building complete and enabling works underway, construction is expected to start following Gateway 2 approval. An application to the regulator will be submitted in the coming weeks, with practical completion targeted for 2028.
Damien Sharkey, managing director of HUB, said: “We’re starting the year with strong momentum behind this landmark project and look forward to seeing it progress throughout 2026. Not only is Cornerstone our first co-living scheme in the City of London, but it is the first asset within our ultra-urban co-living portfolio that Bridges and HUB plan to retain beyond PC and operate. We see enormous potential in the sector and its role in shaping the future of urban living. Cornerstone will deliver the UK’s most centrally-located co-living homes and we are excited to see the benefits it will bring to the City of London upon completion.”
Simon Ringer, head of Bridges property funds, added: “We are delighted to be undertaking this environmentally focused refurbishment project with our long term partner HUB. Our funds have now secured positions in a platform of co-living schemes in prime locations in London and we look forward to building these out for operation in a market that is starved of high quality, flexible residential accommodation. By converting redundant office space to modern standards, we are also able to implement an environmental strategy that will significantly reduce carbon emissions, in accordance with our fund objectives.”
Victor Librae, chief executive of Firma Partners, said: “We’re delighted to support Bridges and HUB on this landmark scheme. They are very experienced and have a strong track record. 45 Beech Street is a well-located, residential-led scheme that reflects the type of transitional, planning-led development we are set up to support. The structure of this facility has been designed to align with the realities of delivery and leasing in today’s market, while providing the sponsor with the flexibility needed to navigate the complexities of the Gateway system.”
Tom Neylon, UK managing director of JJ Rhatigan, added: “Cornerstone is our fifth project with HUB, which is a credit to both teams consistently delivering at a high level. HUB has done an excellent job in shaping this landmark City scheme, with sustainability and quality at the heart of its approach. We bring significant co-living experience and a strong design and build track record, including the successful progression of projects through the Gateway process, and are currently in the design stage ahead of submission. We are delighted to have been selected to deliver Cornerstone and to continue our relationship with HUB as the project moves into the next phase.”
