With construction work now well underway, a new apartment scheme that will tap into the emerging co-living market is expected to open its doors at the end of next year. Co-Living schemes are residential developments available to rent that include personal and shared amenity space.
Definition Capital is behind the 104-unit co-living scheme on 33-39 Lowlands Road, Harrow, with a £17 million development finance facility provided by Shawbrook.
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.”
The Harrow-on-the-Hill scheme
The scheme will offer flexible lease terms and a range of amenities for tenants. Residents will have access to the on-site café, gym, cinema, and shared dining spaces for socialising.
Harrow-on-the-Hill station will be a two-minute walk away. St Anne’s Shopping Centre, restaurants, nightclubs, and pubs will also be a short walk from the scheme once completed.
Definition Capital said: “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.”
Rickesh Patel, director at Mantra Commercial, concludes: “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.”