Cheyne Capital has acquired the £210m (€247m) City Link House project in East Croydon, a former UK office building that is being transformed into a co-living space.
Cheyne Capital said it plans to redevelop the vacant building into a co-living space with 485 units and 84 affordable homes, while also preserving flexible commercial and community areas.
Matt Floyd at Cheyne Real Estate, said: “We are proud to support a project which can play a role in furthering the regeneration of Croydon, and will contribute to its vibrant business and living community.
“This project reflects Cheyne Capital’s continued commitment to the UK flexible-living sector, building on our involvement in landmark developments such as Ark, previously The Collective, Canary Wharf and Taxi House in Central London.”
Advisory firms CBRE and Springer Nicolas represented Wittington Investments and its development manager, Fifth State, in the transaction.
Jonathan Allen at CBRE, said: “This transaction highlights the continued market demand for best-in-class, purpose-built shared living development opportunities across London. With tenants increasingly prioritising flexibility and convenience, co-living is emerging as a compelling housing solution, perfectly suited to a diverse tenant demographic.”
To read the latest IPE Real Assets magazine click here.
