UK: DTZ Investors has announced the full lease up of its first Folk coliving asset, The Palm House, in Harrow and Wealdstone, north London.
The 222-unit coliving building launched in late February 2022 and is the seed asset funded through COLIV Fund I, the world’s first large-scale coliving fund.
Rent for studios at The Palm House is inclusive of all bills, with zero deposit, and gives residents access to a large coworking space, surround sound cinema, a gym, and a weekly event programme. The eight-storey, 87,000 square foot building also features two terraces and a communal kitchen, dining, and living space with panoramic views across London.
Residents can move into the building in as little as five days and sign up to flexible three to 12-month lease plans.
COLIV investment director Chris Saunders, said: “The Palm House provides an exciting alternative to Harrow’s traditional residential offering. We had a clear vision when building the Folk Co-living brand, with a real focus on creating homes with incredible spaces that help people connect, free up their time and make a positive impact on their local area.”
“The successful and speedy mobilisation of this asset is the combined effort of COLIV’s Fund team, Folk’s operating partner Urban Bubble, brand and experience designers Off The Wall, and our first class team on the ground at The Palm House. Our team is empowered to deliver the brand vision through excellent service and high operational standards, which will be key to maintaining occupancy across our growing co-living portfolio,” he added.
Paul Naylor, general manager at The Palm House, said: “The Palm House takes all the best bits of co-living and combines them with state-of-the-art design and innovative technology to make for a more sociable and hassle-free rental experience. The Folk brand has been created by a team with years of experience and knowledge of residential property and co-living. Since launching the building on 18 February 2022, we have averaged almost 200 enquiries a week, with 65 per cent of our residents opting to lease for 12 months. On average residents stay with us for 10 months, and we are increasingly seeing those on shorter contracts renewing or extending to stay with us for longer.”
DTZ Investors will launch Sunday Mills in Earlsfield later this year and will “incorporate valuable learnings” from The Palm House to its second purpose built coliving development, the largest of its kind in the UK. The COLIV Fund’s third asset is under development in Battersea with DTZ Investors currently capital raising to fund a future pipeline of opportunities.
