Mitheridge Capital Management has teamed up with London co-living developer Halcyon Development Partners to develop a site in central Hackney Wick.
Mitheridge said it has acquired the 115-119 Wallis Road project site on behalf of its second fund and has partnered with Halcyon with a plan to develop 339 co-living units on the site, alongside employment floorspace, a new canal-side café restaurant and public areas.
The 0.9-acre site, situated along the banks of the River Lea, currently accommodates three warehouses.
IPE Real Assets understands that the gross development value of the project will be over £100m (€115.4m). The debt associated with the transaction is provided by PineBridge Benson Elliot.
Daniel Rastegar, investment director at Mitheridge, said: “Wallis Road is a fantastically positioned site and a great opportunity to deliver much-needed housing within one of London’s most exciting communities. We’re excited to embark on this project with Halcyon, who have an excellent track record in the co-living sector.”
Neil MacLeod, partner at Halcyon, said: “Following closely on the back of the successful opening of Florence Dock in Battersea, we look forward to once again being able to demonstrate our commitment to delivering sustainable and impactful co-living developments.”
George MacKinnon, managing director at PineBridge Benson Elliot, said: “Co-living is an emerging asset class which provides much needed housing units in major cities such as London, where there is persistent high demand for affordable, quality living spaces.”
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