UK: Singapore-based City Developments Limited (CDL) has expanded its UK portfolio with the acquisition of The Yardhouse, its first coliving development in London.
The project is located in White City, one of London’s key regeneration areas. The 250-year leasehold site will be developed into a 17-storey apartment block with 209 coliving studio units, with a total gross floor area of 102,600 square feet.
CDL’s UK living sector portfolio now comprises 1,857 operational and pipeline rental units in London, Leeds, Birmingham and Manchester, as well as close to 2,400 beds in the PBSA sector
The Yardhouse site is located on Wood Lane in White City, in the borough of Hammersmith and Fulham. The site is opposite the 23-acre campus of Imperial College and within walking distance to Westfield London, UK’s largest shopping centre. It is a five-minute walk to White City Underground Station and an eight-minute walk to Wood Lane Underground Station.
CDL will forward-fund the project, which is expected to be completed in 2026. Per the forward-funding arrangement, CDL has appointed a third-party developer to develop the scheme for a fixed price, and will fund the land purchase and construction in staged payments as construction progresses.
Additionally, a new seven-storey block adjacent to the Yardhouse site will be constructed for the landowner, Women’s Pioneer Housing (WPH), a non-profit organisation giving single women access to safe, secure and affordable homes and services. It will comprise 60 affordable housing units and commercial office space on the ground floor, where the latter will serve as WPH’s operations post-practical completion. This initiative forms part of the £88 million forward-funding commitment.
Sherman Kwek, CDL’s group chief executive officer, said: “We are excited to mark the expansion of our UK living sector footprint with our first PRS project in central London. Despite macroeconomic and geopolitical challenges, the UK PRS has proven to be an exceptionally resilient asset class with robust operational performance. Given its prime location at the heart of a burgeoning district, Yardhouse is well-positioned to capitalise on the growth in flexible, professionally managed communal living solutions. This acquisition will boost our portfolio to a total of 4,771 operational and pipeline units in the UK, Japan, Australia and the US, and dovetails with our strategic focus to scale up our global living sector portfolio to enhance our recurring income and augment our fund management aspirations.”
