dead-money
Rocket to the Moon
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Post by dead-money on Dec 6, 2019 19:57:08 GMT
Would welcome people's thoughts on this one.
Co-Living HMO for professionals rather than students. Is this a long-term trend for London?
Difficult site to construct on? Developers looking to add 50% more storeys before even breaking ground
What's the developer exit strategy going to be ?
Any comparable loans further along? #1095 Bir** Street or similar
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Post by mrclondon on Dec 6, 2019 20:24:03 GMT
I would have jumped at the concept myself if it had been available when I graduated in the 1980's. The concept gets a fair amount of negative press, but crucially not from the target audience of young, single professionals. (FWIW I found my 2 years in a uni hall of residence containing 250+ rooms a pretty enjoyable experience on the whole, but it was half-board, so only minimal shared kitchen facilities)
However, I think for such concepts to work effectively you need more in the way of common rooms, esp. given the very small room sizes which precude socialising in room. We've been given 3D schematics for the various studio bedroom designs, but I didn't spot similar for the communal kitchens. There also seemed to be a lack of other indoor common space .... tv room(s), communal lounge, etc. Probably need a much higher room count though to make it economical to allow additional common space.
I suspect the Birmingham HMO loans on PL are targeted at this market, certainly the rents are way above the typical HMO.
This loan is definitely on my "to consider" list.
(I've slightly redacted the OP to allow the thread to be moved onto the public board)
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dead-money
Rocket to the Moon
Posts: 746
Likes: 654
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Post by dead-money on Dec 7, 2019 9:39:44 GMT
Thanks MrCLondon,
Yes, existing Co-Living spaces often incorporate some Co-Working facilities as well. The valuers report gives some examples.
The developers have produced a substantial planning gain, even more so if the additional floors are granted.
I've put it on my watchlist, and await first monitoring surveyors report.
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Post by gramsky on Dec 7, 2019 14:44:38 GMT
Would welcome people's thoughts on this one.
Co-Living HMO for professionals rather than students. Is this a long-term trend for London?
Difficult site to construct on? Developers looking to add 50% more storeys before even breaking ground
What's the developer exit strategy going to be ?
Any comparable loans further along? #1095 Bir** Street or similar
Going to be a risky project owing to the congested and restricted access. Then if/when complete I doubt if students will be interested in living there or be able to afford it. It will probably finish up as a brothel full of Chinese and Eastern European prostitutes, for which it is ideal.
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Post by mrclondon on Dec 7, 2019 21:54:21 GMT
Some general background on the concept of co-living :
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dead-money
Rocket to the Moon
Posts: 746
Likes: 654
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Post by dead-money on Dec 8, 2019 9:46:38 GMT
Yep, the negatives are the restricted access, no retail frontage, no commercial space, minimal common areas and the apartments are tiny.
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