UK property and private equity manager – Maven Capital Partners – has partnered with Kosy Co Living and Puma Property Finance to build Brighton’s first purpose built co-living development. The scheme is part of Kosy and Brighton’s first proposed 388-bed co-living and co-working urban village on Melbourne Street, fronting onto Lewes Road.
The popular communal living concept planned for this new development is expected to complete by late 2023. Once completed, the £22m co-living development will comprise 83 single occupancy studios, with shared kitchen and lounge space. An extensive range of amenities include a gym, cinema, roof garden terrace and a co-working area with a café.
“We are delighted to be partnering with Kosy to bring the co-living concept to Brighton and helping towards addressing the acute housing shortage in the area. Once built the property will have excellent ESG credentials including solar panels, green roof, energy saving smart-tech and all-electric heating, as well as dedicated space for community use. This will provide a fantastic opportunity for Brighton’s young professionals to access this new dynamic way of living and working. At Maven we have significant experience of delivering similar high-end projects across the purpose-built student accommodation (PBSA) sector and are excited about the natural evolution into this attractive sub-sector of the residential market.”Colin Anderson, Partner, Maven Capital Partners
Co-living is growing in demand across many UK cities and proving popular – especially amongst millennials. This new concept of living is designed to meet with changing consumer demands and the growth of ‘generation rent’. Residents at the new Brighton co-living scheme will have access to an extensive range of facilities required for modern living, with housekeeping and all bills and utilities covered by a single rental payment. The co-working facilities for residents are also included in the all-inclusive rental package.
“We’re thrilled to have Maven and Puma involved in phase one of our co-living urban village. How we live and work is changing. This building has been designed in response to that with location, people and community in mind. With state-of-the-art amenities, a huge co-working facility designed to suit a multitude of professions and our all-bills included rent model, we are creating a truly unique, attractive and affordable living option in one the best and most in-demand UK cities to live.”Paul Brundell, CEO, Kosy Co Living
Brighton is an ideal location for co-living due to its established creative, artistic and digital media community, with a high proportion of those being freelance and young professionals. The city also has a chronic lack of available housing which is intensified by the average house price to income ratio currently sitting at 12x – one of the highest in the UK according to Halifax.
“As a relationship lender, we are delighted to be working with Maven on what will be our third project together. The Brighton Kosy Co Living development will further expand our commitment to the UK living sector in general and co-living specifically, where we are seeing increasing demand for flexible living and working rental accommodation. We are excited by these plans and believe they will be a welcome expansion to the housing options available to Brighton’s local community.”Eliot Kaye, Managing Director, Puma Property Finance