Watkin Jones is seeking a forward-funding or joint venture partner for a co-living scheme in Leeds.
The proposed 16,025 sq m (circa 172,000 sq ft) development, which is situated on The Headrow, will provide 230 studios at an average size of 28 sq m.
The development will comprise basement car parking, retail spaces on the ground and lower floors and premium co-living accommodation on the upper floors. The on-site amenity provision will include a cinema room, gym, library and games rooms.
Watkin Jones is targeting August 2028 for practical completion of the scheme, and the projected co-living net operating income is £3m per annum.
George Dyer, group investment director at Watkin Jones, said: “Co-living is rapidly emerging as a solution for people who value affordability, flexibility, and community in their housing choices. This scheme in Leeds offers a rare opportunity for investors to be part of a market-driven solution to rising housing costs, especially in cities experiencing dynamic economic growth.
“Leeds has a significant student population, a booming economy, and a demand for skilled professionals, and we believe this highly amenitised development is perfectly positioned to meet the needs of the next generation of renters.”
Lizzie Beagley, UK head of student and co-living transactions at Savills, which is advising Watkin Jones on its search for a partner, added: “Savills estimates that there are 1.9 million people in the UK who fall within the target market for co-living. As a result, we anticipate this scheme will attract significant investor interest, particularly given the rising cost of housing in many of the UK’s larger or more dynamic economies, a challenge that disproportionately affects graduates and early-career professionals.
“These factors are especially pertinent to Leeds, a rapidly growing city with a clear demand for thousands of additional professional workers over the next decade.”
