London based co-living PRS operator, Gravity Co continues to see rapid growth and interest in its co-living properties as it fills its fourth location within the first 3 months of trading.
Gravity launched its most recent and biggest property to date in Hounslow, West London back in July this year, adding 97 studios to the Gravity family and doubling the size of the portfolio.
Considerable investment has gone into refurbishing the property, allowing Gravity to create a smarter, more engaging shared-living experience for its members, shaping cleverly designed studios equipped with everything that is needed for contemporary living, coupled with a spacious, contemporary co-working/lounge space; the beating social hub of the site.
An indication of how the area is quickly changing is the opening of a brand-new food market, the completion of Barratt’s High Street Quarter development and the planning permission being granted for a 248-bed purpose-built co-living scheme.
Gravity members are allowed to join social events, wellness activities and professional workshops; all designed to enhance their living and social experience as well as supplement their wellbeing.
The co-living sector itself has been tumultuous over the past two years, however for Gravity, embracing a delicate approach during its early years has meant it has been able to remain agile and adapt to the ever-changing environment.
Riccardo Tessaro, co-founder and chief executive officer of Gravity, explains: “The co-living sector has been on a bit of a rocky road over the past 18 months, but with co-living now becoming increasingly familiar to developers and institutional investors, it’s an area of renting that is starting to get much more attention.”
Tessaro continues: “Managing both co-living and PRS properties, Gravity grew 460% throughout the pandemic and we’re noticing that as we begin to move out of it, we’re continuing to see an increase in interest in our properties and are being approached by a larger pool of developers and real estate investors interested in entering the space. Our website alone has seen an uplift in 40% traffic since the start of the year.”
Susannah Rock, co-founder and CIO of Gravity, comments: “There are so many added benefits that can come with co-living. At Gravity for example, not only do we run weekly events, but our members also have access to our free Gravity app; a platform which amongst other things offers free access to 24/7 wellbeing and mental health support.’
Philip Hillman, chairman – Living Capital Markets, JLL says: “Having seen the purpose-built student accommodation sector grow across UK & indeed the world in the last 30 years or so, it is fascinating to now see the co-living sector rapidly evolving as it becomes a recognised living sector that provides a sociable, comfortable, secure & convenient living space in the city. Gravity are among the leaders in providing innovative city-living solutions for those who also want to feel part of a community.”
The acquisition of Gravity’s newest property means that the portfolio has now reached 100% occupancy with all new applicants having to join a waiting list.
Moving into 2022, Gravity plan to further expand their portfolio through their flexible approach to working with landlords, securing assets via either management or lease agreements and by co-investing alongside real estate capital partners to develop and purchase co-living and PRS assets in the UK and Europe’s top tier cities.