£88m deal agreed for West London co-living scheme
Bridges have joined forces with City Development Limited to deliver Yardhouse, an innovative mixed tenure scheme in Wood Lane, London.
The new development, which was conjured up between Bridge, alongside development partner HUB, and Singapore-based real estate developer City Developments Limited (CDL), is set to deliver 209 co-living homes and high-quality amenity spaces.
In addition, two roof terraces, which will provide picturesque views across London will also be included.
However, although the development will provide beautiful scenery, it is also set to deliver 60 new, high-quality, affordable homes for single women – an act that is full of kindness. This decision has only been made possible through a partnership with Women’s Pioneer Housing (WPH), who will likewise be receiving a new HQ through the development.
Speaking of organisations that have helped bring this plan to life, the close collaboration with Hammersmith and Fulham Council played a huge part. Local residents and business owners have campaigned to bring forward a co-living and affordable housing scheme supported at all levels in the borough.
It will replace 36 existing WPH homes and 300 sqm of office space, creating a vibrant and dynamic living environment that aligns with modern lifestyle preferences and better serves the needs of local people.
Commenting on the news, Simon Ringer, Bridges’ head of property said: ‘This landmark deal reflects the strong demand in London for lower-cost, high-quality co-living space.
‘We have worked extensively with the local community to make sure that Yardhouse caters to local needs – in line with our ongoing commitment to support best-in-class developments in needs-driven sectors. We can’t wait to see this pioneering scheme come to life.’
One of the reasons this new deal has been struck is to address the growing demand for sustainable housing solutions, particularly in urban areas.
‘This forward funding deal will be instrumental to our delivery of this next gen co-living scheme,’ Damien Sharkey, managing director at HUB said. ‘We’re thrilled to partner with CDL on its first co-living development in the UK and move forward with the first project in our growing co-living pipeline.’
Damien added: ‘Not only does this further strengthen our commitment to innovative and inclusive housing solutions that meet the evolving needs of communities, but it reinforces our confidence in the resilience of the real estate market and the appeal of this emerging asset class.’
Situated within easy reach of Westfield, White City Place, Television Centre, and Imperial College London’s campus, and with excellent transport links, no better site could be thought of for co-living.
Image: Bridges
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