UK: Mera Investment Management has provided a £3 million bridging loan to bring forward the development of Greyfriars House, the first coliving scheme in Reading.
Mera has completed an acquisition facility in four weeks, to enable the purchase of Greyfriars House, an eight-storey vacant office building, a short walk from Reading train station.
The borrower, Elder, a property developer that specialises in unlocking the potential in disused commercial buildings for the living sector, has submitted plans to transform the property into 266 coliving units.
Interest in the purpose built coliving project has been strong from both the private and public sector, with both the Royal Berkshire NHS Foundation Trust and Berkshire Healthcare NHS Foundation Trust notable supporters of the proposals and hoping to use the affordable housing for their key workers.
Elder has been in close consultation with Reading Borough Council and other stakeholders to advance plans for the town’s first co-living scheme. They are proposing 266 rooms, with flexible lease options, and shared amenity spaces including a rooftop garden and terrace.
Edward Matthews, CEO of Mera Investment Management, said: “We are pleased to have played a role in supporting Elder’s exciting plans for Reading town centre. The redevelopment of Greyfriars House seeks to provide a new category of affordable accommodation to the area, a move which is welcomed by many, and we are proud to be involved in a scheme which could become high quality new homes for young professionals and key workers.’’
Ed Marsh, director of Elder, added: “Following a constructive pre-application process with the council and positive engagement with the community and key stakeholders, it is clear that there is strong potential to introduce a new, flexible housing model in the heart of Reading. With rising affordability challenges for young professionals and key workers, delivering high-quality, well-located housing solutions is more important than ever.
“Mera Investment Management was the ideal lender partner for us. Traditional high street funding options aren’t available for vacant offices anymore; the Mera team got behind this project and provided a high level of service to us and our legal team, which ensured our acquisition completed on time.”
Mera Investment Management, which provides both debt and equity finance across prime residential, commercial, and alternative real estate, is owned by a multi-generational UK based single family office with a 91-year heritage. After growing its team and building the company last year, it says it is well placed to scale up in 2025 and has strong growth ambitions for this year. It has backing from a range of institutional and international private investors, alongside its family office backer.
