Is This The Start Of A Manchester Co-Living Boom?
As the build-to-rent tide goes out (slightly), so the co-living tide washes in?
Manchester is to get its third, and largest, co-living scheme as the co-living concept begins to gather pace.
Liverpool-based developer Downing is to develop a plot acquired for £18M from Patrizia to develop a 44-storey co-living tower at First Street, Manchester.
Construction work on the 2,200-bed scheme is to begin next year if approval is granted, Place NorthWest reported. Studios will range in size from 166 SF to 269 SF.
The Downing project, of which half will be studio apartments with the remainder shared space, comes soon after Vita Group said that it would develop 388 co-living clusters in a 32-storey tower at Water Street.
The city’s first scheme was launched by IQ Student Accommodation at Echo Street, Granby Row, part of the North Campus district close to both Piccadilly station and the main university campuses. It has planning permission for three towers of up to 25 storeys and 403 co-living units, and work on-site was expected to begin in May 2019.
The Downing scheme replaces an earlier proposal from Patrizia for 624 apartments in 26 and 24 storey blocks.
Co-living is already established in many U.S. cities and is taking its first steps in London.
The Collective’s 546-bedroom Old Oak scheme was among the pioneers, and was refinanced in October 2018 by Deutsche Bank. The developer opened its largest scheme this summer with a 705-room scheme at Canary Wharf. Its development pipeline is now 7,500 units.
The Collective is planning similar schemes in King’s Cross, Kentish Town and Stratford.
