Packaged Living and Buccleuch acquire site in Woolwich to develop £40m Co-Living scheme

Packaged Living (“Packaged”), a leading sustainable living specialist in the UK, is delighted to announce the acquisition of a co-living development in Woolwich, alongside their development JV partner Buccleuch Property.

The asset currently consists of a mixed-use commercial property leased to retail and office occupiers. The proposed business plan is to provide a co-living development comprising of 150 homes, which will provide much needed housing supply into the incredibly constrained London leasing market.

This brand-new development opportunity has a GDV of £40m and is located on Beresford Square, Woolwich.  Situated within a 5-minute walk of Woolwich Station, providing direct access into central London.

This transaction represents the third deal undertaken between Packaged and Buccleuch and follows on from multi-family BtR developments in Basingstoke and Sheffield.

Ed Owen, Investment Director at Packaged Living, commented “Following detailed analysis of the Co-living sector in London, we are delighted to have now launched our strategy and secured our first asset. The demand/supply imbalance for high quality, professionally managed, rental housing in London is high and we see co-living as part of the solution to help ease the supply shortfall. Alongside our complimentary strategies in regional Multifamily, Garden style housing, and Single-family housing, we are actively seeking further opportunities across London to build out our co-living portfolio. We are also delighted to have concluded another transaction with Buccleuch Property with whom we first partnered in 2022 and have successfully secured a strong development portfolio of MFH assets nationwide.

Sandy Smith, Development Director at Buccleuch, commented “Buccleuch Property are thrilled to have secured our third opportunity with our partners at Packaged Living and we are very excited about bringing forward our first co-living scheme with them to complement our other projects. We have been monitoring the co-living sector for some time and feel that our proposals in Woolwich will deliver an exceptional product with unbeatable ‘connectivity”

Shoosmiths advised on the legals associated with the acquisition.