Brundell Property Group is targeting development of 2,000 co-living homes with a debut scheme in Brighton.
The alternative residential developer has worked up plans for 83 co-living rooms in the first phase and 5,500 sq ft of co-working space at Brighton’s Melbourne Street (pictured). This is to be followed by a further 57 beds in the second phase, in a scheme with an end value of £34m.
It aims to acquire land for 2,000 co-living beds over the next 12 months, with a three to four year build plan.
Brundell has a pipeline of sites in Bath, Bristol and Guildford and is seeking similar opportunities in London, Cambridge and Reading for developments with a total value of around £300-350m.
The Brighton scheme will target the city’s growing tech community with average room sizes of 18 sq m and expected rents, inclusive of all costs, at £1,200 per month. It will offer communal kitchens, lounges, a cinema room and gym, 46 co-working desks and a large landscaped roof garden. There will also be space offered to local schools and community association.
The scheme includes an offsite housing contribution, equivalent to 40% of the rooms.
It is recommended for approval at Brighton & Hove’s planning committee later this month, following two years in the planning stages. Brundell acquired site in 2018 and hopes to be on site before the end of the year and operational by 2022.
Brundell will hold and operate the development through its newly launched platform Vibe Co-living. It is seeking development investment with an opportunity for a joint venture.
Paul Brundell, founder and chief executive said: “There is a huge demand for affordability. We are trying to provide access to social spaces which are affordable.
“We think co-living will be the next PSBA boom.”
Brundell Property Group was launched in 2017. The alternative residential investor specialises in student, senior living and care homes.
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