Cheyne Capital has acquired the 拢210m (鈧�247m) City Link House project in East Croydon, a former UK office building that is being transformed into a co-living space.
Cheyne Capital said it plans to redevelop the vacant building into a co-living space with 485 units and 84 affordable homes, while also preserving flexible commercial and community areas.
Matt Floyd at Cheyne Real Estate, said: 鈥淲e 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.
鈥淭his project reflects Cheyne Capital鈥檚 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.鈥�
Advisory firms CBRE and Springer Nicolas represented Wittington Investments and its development manager, Fifth State, in the transaction.
Jonathan Allen at CBRE, said: 鈥淭his 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.鈥�
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