Re:shape acquires three co-living development sites

Backed by family offices, Re:shape has exchanged contracts on three prime development sites in Woolwich, Bethnal Green and Watford.

Re:shape has acquired three co-living development sites across London | BTR News
Re:shape has acquired three co-living development sites across London.

Alternative living developer Re:shape has announced that it has exchanged contracts on three co-living and purpose-built student accommodation (PBSA) development sites in London and Watford, creating a £885m 1,850-bed GDV pipeline.

The three prime development sites – which Re:shape has acquired with the backing of a number of UK-based family offices – are located in Woolwich, Bethnal Green and Watford.

 “The acquisition of the Macbean Street is a watershed moment for Re:shape, and one that comes with significant responsibility to the local community. It’s a rare opportunity to deliver over 1,200 beds, more than 100 new affordable homes for local families as well as much needed social infrastructure for the surrounding community in one place.

“The operational success of the 1,000+ bed ARK co-living platform, showcased in the initial proof of concept, Wembley ARK, has instilled confidence with local planning departments, politicians, and communities on the positive and important role that second generation co-living can play in addressing today’s housing crisis in the UK. It also provides us with the confidence to now launch our second, alternative living platform that is underpinned by a heritage-first approach, pioneering social impact initiatives, and traditional affordable housing solutions.” 

Jermaine Browne, Co-Founder, Re:Shape

These acquisitions mark a strategic evolution for the company, which has progressed from repositioning hotel assets such as the successful launch of London’s latest co-living brand ARK in Wembley, to recognising new ground-up development opportunities in the Southeast. 

As part of the new portfolio, Re:shape has acquired the renowned three-acre Macbean Street brownfield development site in Woolwich. This site was previously controlled by L&G, with planning permission refused by Greenwich Council in 2022.

“We are witnessing a surge of new capital, in particular core funds, investing in co-living opportunities in the UK and across Europe due to the attractive income profile with inflation linked rents. With PBSA becoming quite a saturated space and Build to Rent facing viability issues in the UK, funds are actively seeking to diversify their living portfolios. As we begin our search for a programmatic joint venture funding partner, we have had positive initial conversations already with institutions who recognise the opportunity we have and share our passion to deliver a sustainable, ESG-focused living platform which is committed to building high-quality assets in well-connected locations for our target demographic of working professionals of all age groups.”

Charlie Gayner, Co-Founder, Re:shape