Mitheridge Capital Management has teamed up with London co-living developer Halcyon Development Partners to develop a site in central Hackney Wick.
Mitheridge said it has acquired the 115-119 Wallis Road project site on behalf of its second fund and has partnered with Halcyon with a plan to develop 339 co-living units on the site, alongside employment floorspace, a new canal-side caf茅 restaurant and public areas.
The 0.9-acre site, situated along the banks of the River Lea, currently accommodates three warehouses.
91传媒在线 understands that the gross development value of the project will be over 拢100m (鈧�115.4m). The debt associated with the transaction is provided by PineBridge Benson Elliot.
Daniel Rastegar, investment director at Mitheridge, said: 鈥淲allis Road is a fantastically positioned site and a great opportunity to deliver much-needed housing within one of London鈥檚 most exciting communities. We鈥檙e excited to embark on this project with Halcyon, who have an excellent track record in the co-living sector.鈥�
Neil MacLeod, partner at Halcyon, said: 鈥淔ollowing closely on the back of the successful opening of Florence Dock in Battersea, we look forward to once again being able to demonstrate our commitment to delivering sustainable and impactful co-living developments.鈥�
George MacKinnon, managing director at PineBridge Benson Elliot, said: 鈥淐o-living is an emerging asset class which provides much needed housing units in major cities such as London, where there is persistent high demand for affordable, quality living spaces.鈥�
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