Cheyne Capital has provided £28.5m backing for the Collective’s acquisition of its first site in Westminster.
The Collective agreed to acquire the canal-side Westbourne Park scheme, subject to planning, in July 2019. Last year it was granted consent for a 286-bedroom short stay co-living scheme.
Designed by AHMM, the scheme also includes gym, pool, a waterside piazza, farmers’ markets and events space at the former headquarters of the Licensed Taxi Drivers Association.
The deal is the third investment from Cheyne Capital. The pair are currently considering options for development finance.
Reza Merchant, founder and chief executive at The Collective, said: “The Collective Westbourne Park will be a cultural destination for London built upon the foundations of local entrepreneurship and creativity that have historically made this neighbourhood so attractive and soulful.”
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