Headrow House scheme open for JV
Watkin Jones’ 230-unit co-living development in central Leeds is looking for investors to come on board as part of a joint venture or a forward funding deal.
Advised by Savills, the developer currently has planning permission for the 170,000 sq ft project, with completion expected in 2028.
The development will have basement car parking, retail spaces on the ground and lower floors, and premium co-living accommodations on the upper floors, with amenities including a cinema room, gym, library, and games rooms.
The 230 studios will average 300 sq ft each.
The projected Day-1 co-living net operating income is £3m.
Situated at the heart of The Headrow, in the central retail district of Leeds, the former Direct Line office is approximately a seven-minute walk from the train station.
Lizzie Beagley, UK head of student and co-living transactions at Savills, said: “Savills estimates that there are 1.9m people in the UK who fall within the target market for co-living.
“As a result, we anticipate this scheme will attract significant investor interest, particularly given the rising cost of housing in many of the UK’s larger or more dynamic economies, a challenge that disproportionately affects graduates and early-career professionals.
“These factors are especially pertinent to Leeds, a rapidly growing city with a clear demand for thousands of additional professional workers over the next decade.”
George Dyer, group investment director at Watkin Jones, commented, “Co-living is rapidly emerging as a solution for people who value affordability, flexibility, and community in their housing choices.
“This scheme in Leeds offers a rare opportunity for investors to be part of a market-driven solution to rising housing costs, especially in cities experiencing dynamic economic growth.”
