Cheyne Capital acquires London office for co-living project

Investment firm Cheyne Capital has purchased City Link House, an empty office building in East Croydon, London, for £210 mln (€247 mln). 

Citylink House

They intend to transform the property into a co-living space featuring 485 units, including 84 affordable homes, along with amenities like a gym, cinema, and recording studio. 
Cheyne aims for high sustainability ratings (BREEAM Outstanding and EPC A) and sees this project as contributing to Croydon's ongoing revitalization, which has recently experienced significant office space uptake. 
CBRE and Springer Nicolas brokered the deal between the seller, Wittington Investments and its development manager Fifth State, and Cheyne.
Matt Floyd at Cheyne Real Estate said:  “We are proud to support a project which can play a role in furthering the regeneration of Croydon, and will contribute to its vibrant business and living community. This project reflects Cheyne Capital’s continued commitment to the UK  flexible-living sector, building on our involvement in landmark developments such as Ark (previously The Collective) Canary Wharf and Taxi House in Central London”.
Jonathan Allen, director of land transactions and development (living sectors) at CBRE, added: “With tenants increasingly prioritising flexibility and convenience, co-living is emerging as a compelling housing solution, perfectly suited to a diverse tenant demographic. We are delighted to have brokered this deal between Wittington Investments and Cheyne Real Estate, and look forward to witnessing the positive impact this development will have on the community.”