The Moorfield Group has agreed to forward fund an 81 bed co-living scheme near Ealing Broadway, West London, for £21m.
Having acquired the site in November 2019, subject to planning, and subsequently secured consent for 81 units, Urbane London, the specialist, London-focused residential developer, will act as the development manager.
The scheme will offer 81 high quality en-suite studios across a range of unit types, alongside 1,800 sq ft of amenity space including a south facing roof terrace, co-working space, kitchens and storage for 83 bikes.
Ross Netherway, Head of Origination at Moorfield Group, said: “This acquisition is fully aligned with our strategy of pioneering investment in sectors benefitting from demographic and societal change, and will deliver a high quality, amenity-led rental product with strong sustainability credentials, in one of London’s most dynamic and well-connected submarkets.
“We are also excited to be partnering with Funding House, pairing our proven investment expertise with experienced and reputable developers in the living sectors capable of delivering sustainable and future-proofed schemes. At the same time, the partnership’s co-investment structure offers developers the opportunity to generate attractive additional returns and ensures all parties are aligned in delivering the highest quality rental product and service to residents.”
The transaction is the first investment by a joint venture between Moorfield and Funding House (the “Zennor” partnership), offering experienced developers in the UK ‘Living’ sector the opportunity to enter into forward funding agreements with an experienced and well-respected investment partner.
Holly Porter, Founding Director of Urbane London, added: “We are excited that the Ealing site has been chosen as the first investment of the Zennor partnership. Our aim has been to create sustainable, high-quality homes and socially permeable communities, with design quality at the heart.”
The property is located less than a one-minute walk from Ealing Broadway station. It is expected to be ready for its first residents in late 2023.
