The Collective’s ‘stress less’ mantra in doubt as Canary Wharf scheme delayed

The Collective’s Canary Wharf scheme has run into delays, with around 30 early adopters of the co-living space staying instead in a hotel in Greenwich. The members had signed up for a one-month, rent-free trial of the 20-floor, 705-bedroom building starting 6 July. However, some claim they were told just 12 hours before moving in that the date had been delayed to 13 July. Instead they were offered free accommodation in an InterContinental hotel. The move-in date was then shifted again, first to 20 July and then to 3 August, according to several people familiar with the situation. One member added that even if they do move in this weekend, they have been told they will be staying in temporary rooms and that large parts of the building, including office space, will not be functioning. Members have also said they have not been informed when they will move into permanent rooms. It is understood that The Collective is not reimbursing members for extra living costs, including food, drinks and laundry bills. The Collective is advertising on its website that the Canary Wharf site is open from July. According to its website, the firm aims to provide a “stress less” service, providing “game-changing convenience in one all-inclusive bill”. Members can choose to stay “from 1-365 nights and beyond”, and four room options are available: Cosy (with prices varying from £1,430 per month for 12 months to £1,863 per month for three months); Standard (from £1,517 per month for 12 months to £1,950 per month for three months); Comfy (from £1,647 per month for 12 months to £2,080 per month for three months); and Big (from £1,907 per month for 12 months to £2,340 per month for three months). Canary Wharf is The Collective’s biggest co-living scheme to date and will be its second in the UK. The group, along with a consortium of investors comprising a Singaporean family office and a group of UK-based private investors, bought its first site in Acton, west London, in April 2014. It unveiled its first co-living scheme, the 550-bedroom Old Oak tower, in 2016. The firm is also planning to open its first scheme in New York after acquiring the Paper Factory hotel in Long Island City in March this year for $58m (£43.7m). The developer plans to expand its current portfolio from 7,500 flats, with a GDV of more than £3bn, to more than 100,000 units by 2025. The Collective was founded in 2012 by Reza Merchant, who used a £1.8m bridging loan secured against his family home to launch the company. The firm had not responded to requests for comment by time of publication. The London co-living players Rainbow Properties Rainbow Properties explored launching its first co-living scheme in Hackney. But its plans for a 146-bedroom block at 325 Wilberforce Road were scuppered in April due to council concerns around its impact on heritage and “unacceptable” affordable provision. Mason & Fifth The newcomer has received the green light from Southwark council for its co-living scheme in Bermondsey, SE1. In an interview with EG in May, founder David Silver said the company used permitted development rights to turn an unused office block into a 28-bedroom scheme. He said getting planning permission for the scheme was “a massive hurdle”. WeLive WeWork has also dipped its toes into the London co-living market, with its WeLive subsidiary submitting plans in May 2018 for a 26-bedroom co-living scheme in Old Street. The scheme will be part of Rocket Investments’ 40-storey residential tower scheme The Atlas. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette