UK: Developer and operator Watkins Jones is offering a forward funding or joint venture opportunity for a 230-unit coliving scheme in Leeds city centre.
The Headrow House development features a combination of basement car parking, retail spaces on the ground and lower floors, and premium coliving accommodations on the upper floors, designed with amenities including a cinema room, gym, library and games rooms.
The development has a total gross internal area (GIA) of 16,025 square metres. The 230 studios will average 28 square metres each. The projected Day-1 coliving net operating income is £3 million.
The proposed development is situated in The Headrow, in the central retail district of Leeds. It is an approximately seven-minute walk from the main train station and is easily accessible by car via the A64.
Practical completion of the scheme is estimated for August 2028.
Savills is advising Watkin Jones on the scheme. Lizzie Beagley, UK head of student and coliving transactions at Savills, said: “Savills estimates that there are 1.9 million people in the UK who fall within the target market for co-living. As a result, we anticipate this scheme will attract significant investor interest, particularly given the rising cost of housing in many of the UK’s larger or more dynamic economies, a challenge that disproportionately affects graduates and early-career professionals. These factors are especially pertinent to Leeds, a rapidly growing city with a clear demand for thousands of additional professional workers over the next decade.”
George Dyer, group investment director at Watkin Jones, commented, “Co-living is rapidly emerging as a solution for people who value affordability, flexibility, and community in their housing choices. This scheme in Leeds offers a rare opportunity for investors to be part of a market-driven solution to rising housing costs, especially in cities experiencing dynamic economic growth. Leeds has a significant student population, a booming economy, and a demand for skilled professionals, and we believe this highly amenitised development is perfectly positioned to meet the needs of the next generation of renters.”
