Expected to fetch in the region of £100m, the development offers 323 en-suite bedrooms with shared kitchen and living spaces as well as communal residents’ facilities including a cinema and sports bar, gym, games room, library and a secret garden. There is also 35,000 sq ft of commercial and retail space.
Modelled on student ‘shared living’ accommodation, co-living offers campus-style affordable private-rented homes pitched at young professionals. Rooms at Old Oak start at £230/pw.
Old Oak is the largest co-living scheme of its type in the world and all eyes will be on the deal with a successful sale demonstrating the appetite from investors for this innovative new asset class.
Co-living is one solution that will help ease the housing crisis, however, as it stands, developers have to apply for Sui Generis student accommodation and then seek to amend it locally to allow it to be rented to non-students.
Our Chief Executive (Inspired Homes and Inspired Asset Management), Martin Skinner, argues that ‘the planning risk as well as the length of time needed to get a two-stage consent makes co-living schemes difficult to fund’ and suggests that ‘a new co-living model within the Sui Generis category that student accommodation resides in would make schemes easier to deliver.’
It is hoped that the government will look at this as part of the space standards review promised in their housing white paper.