UK: Cheyne Capital has acquired City Link House, a vacant office building in East Croydon, south London, for £210 million.
It will be redeveloped into a coliving scheme with 485 units and 84 affordable homes, with commercial and community space on site.
Amenities will include a gym and wellness suite, cinema, games room and recording studio.
Cheyne Capital said the scheme, which was acquired from Wittington Investments, is targeting BREEAM Outstanding and an EPC A rating, with low carbon use in mind for both operation and construction.
Matt Floyd, development manager at Cheyne Capital, 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.”
CBRE and Springer Nicolas arranged the deal for Wittington Investments and its development manager, Fifth State.
Legal advice for Wittington Investments and Fifth State was given by Gowling WLG, while DLA Piper acted for Cheyne Real Estate.
Jonathan Allen, director – land transactions & development (living sectors) 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. We are delighted to have brokered this deal between Wittington Investments and Cheyne Real Estate, and look forward to witnessing the positive impact this development will have on the community.”
Highlights:
• Cheyne Capital has acquired City Link House, a vacant office building in East Croydon, south London, for £210 million
• It will be redeveloped into a coliving scheme with 485 units and 84 affordable homes
• Amenities will include a gym and wellness suite, cinema, games room and recording studio
• CBRE and Springer Nicolas arranged the deal for vendor Wittington Investments and its development manager Fifth State
