29 Sep Co-living apartments in Harrow on track for 2023

A development of 104 apartments in Harrow-on-the-Hill aimed at the growing Generation Z “co-living” market is on track to open its doors next year.

Co-living schemes are residential developments for rent that include personal and shared living space and amenities. They are growing in popularity among young professionals up to the age of 25 (sometimes referred to as Gen Z).

Property developer, Definition Capital, is behind the co-living scheme on 33-39 Lowlands Road, Harrow, with £17 million of finance provided by Shawbrook bank.

Alastair Partridge, senior relationship director at Shawbrook, said the bank had spotted an opportunity to finance a scheme in an emerging market where traditional lenders had so far proved cautious to become involved.

But for Shawbrook, he said: “The experience of Definition Capital, alongside a strong plan for Harrow-on-the-Hill, made this a great project to back.”

The scheme in Harrow-on-the-Hill will offer flexible lease terms and a range of amenities for tenants, including an on-site café, gym, cinema, and shared dining spaces for socialising.

Harrow-on-the-Hill station, well connected to central London, is a two-minute walk away. St Anne’s Shopping Centre, restaurants, nightclubs, and pubs will also be a short walk from the scheme once completed.

A statement from Definition Capital said: “Co-living is an increasingly compelling way for Gen Z graduates and young professionals to live, where they benefit from a strong community feel and a host of amenities at their fingertips.

“This flexible and all-inclusive accommodation also suits the needs of hybrid workers, or those who are looking to sample life in the capital without needing to sign long term contracts.”

Rickesh Patel, director at Mantra Commercial, which arranged the initial loan structuring for the project, said: “Co-living is an exciting growth sector, and we are delighted to be the debt advisors to what will be a wonderful addition to Harrow. We look forward to seeing the completed development in 2023.”