Watkin Jones seeks partner for Leeds co-living scheme

Watkins Jones has appointed Savills to find a forward funder or joint venture partner for a 230-home co-living scheme in Leeds. The 230 studios will average 300 sq ft each and the development has a projected net operating income of £3m.   The developer will convert and repurpose Headrow House, a vacant office block at 42 The Headrow. Watkin Jones received planning permission for the scheme in November 2024 and practical completion is estimated for August 2028.  Lizzie Beagley, UK head of student and co-living transactions at Savills, said: “Savills estimates that there are 1.9m people in the UK who fall within the target market for co-living. As a result, we anticipate this scheme will attract significant investor interest, particularly given the rising cost of housing in many of the UK’s larger or more dynamic economies, a challenge that disproportionately affects graduates and early career professionals. These factors are especially pertinent to Leeds, a rapidly growing city with a clear demand for thousands of additional professional workers over the next decade.” George Dyer, group investment director at Watkin Jones, added: “Co-living is rapidly emerging as a solution for people who value affordability, flexibility, and community in their housing choices. “This scheme in Leeds offers a rare opportunity for investors to be part of a market-driven solution to rising housing costs, especially in cities experiencing dynamic economic growth. Leeds has a significant student population, a booming economy, and a demand for skilled professionals, and we believe this highly amenitised development is perfectly positioned to meet the needs of the next generation of renters.” Image © Watkin Jones/Swap Architects