|Funding need||Development finance for co-living scheme|
A new Harrow apartment scheme that’s set to tap into the emerging co-living market will open its doors to residents in late 2023 with construction now well under way.
Definition Capital is behind the 104-unit co-living scheme on 33-39 Lowlands Road, Harrow, with funding provided by Shawbrook.
The Harrow-on-the-Hill scheme will offer city-based renting with flexible lease terms and a host of amenities for would-be tenants. A residents-only café, gym and cinema will form part of the site, which will also have a concierge and shared dining spaces for socialising.
Residents will be within a two-minute walk from Harrow-on-the-Hill station, and 25 minutes into central London via Metropolitan Line Underground services. St Anne’s Shopping Centre and a host of restaurants, nightclubs and pubs also sit within a short walk from the scheme, which replaces a three-storey mixed use site. The developers, which specialise in constructing and managing short-term letting properties, turned to Shawbrook to secure a £17 million development finance facility to support the build-costs.
Co-living is an increasingly compelling way for graduates and young professionals to live, where they benefit from a strong community feel and a host of amenities at their fingertips.
“This flexible and all-inclusive accommodation also suits the needs of hybrid workers, or those that are looking to sample life in the capital without needing to sign long term contracts.
“Harrow-on-the-Hill is well connected into central London and beyond and will be a highly attractive scheme to cater for the increasing demand in co-living facilities. The swift and decisive funding from Shawbrook coupled with the initial loan structuring from the team at Mantra Commercial means we’re able to complete the scheme to the high standards our future tenants will expect.”
Alastair Partridge, Senior Relationship Director at Shawbrook, said:
“Developers in the UK’s big cities are seeing a great opportunity to provide an exciting new way of renting for Gen Z’s growing market of young professionals.
“But the emerging nature of the co-living market means developers are finding it difficult to source the funding they need to get schemes of the ground, with traditional lenders showing caution. The experience of Definition Capital, alongside a strong plan for Harrow on the Hill, made this a great project to back.”
Rickesh Patel, Director at Mantra Commercial, said:
“Having worked with Shawbrook on previous projects, we knew the team there had the specialist knowledge and speed of decision to support our client with their requirement. Co-living is an exciting growth sector, and we are delighted to be the debt advisors to what will be a wonderful addition to Harrow Town Centre. We look forward to seeing the completed development in 2023.”
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