A property described as Europe’s largest rental co-living block, The Collective Old Oak in London’s Paddington, is up for sale with bids expected to top £100m.
The industry magazine Property Week says Savills and JLL are marketing the block, which is fully occupioed with 546 residents who live in what has emerged as a ‘co-living style’ - more communally than traditional private renting.
Property Week says it understands that this is not the first time the building was for sale - one investor said he had been approached by Knight Frank last year.
The niche nature of co-working, says the magazine, has led some market experts to suggest it may be difficult to attract buyers.
A spokesman for The Collective says now that co-living “has been proven”, the time is right “to assess investor appetite”.
Estate Agent Today recently carried a feature about the co-living model.
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Loved this concept when it launched- bit sad to see them looking to cash in so early. Had expected them to develop a lot more and then sell/float in 5-10 years.
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