Published: Mar 08, 2022
Maven has entered into a partnership with Kosy Co Living and Puma Property Finance, to build Brighton’s first purpose built co-living development. The site is located on Melbourne Street and once finished the £22 million complex will comprise 83 single occupancy studios, with shared kitchen and lounge space as well as an extensive range of amenities including gym, cinema, roof garden terrace and co-working area with café.
Co-living is a housing rental option which is growing in demand across many UK cities and proving popular, especially amongst millennials, offering a convenient and affordable alternative way to rent a property. This new concept of living is designed to meet with changing consumer demands and the growth of ‘generation rent’. Residents have access to an extensive range of facilities required for modern living, with housekeeping and all bills and utilities covered by a single rental payment. There are also co working facilities for the residents included in the all inclusive rental package at Brighton.
Brighton is an ideal location for co-living due to its established creative, artistic and digital media community, with a high proportion of those being freelance and young professionals. The city also has a chronic lack of available housing which is intensified by the average house price to income ratio sitting at 12x, one of the highest in the UK (source: Halifax).
“We are delighted to be partnering with Kosy to bring the co-living concept to Brighton and helping towards addressing the acute housing shortage in the area. Once built the property will have excellent ESG credentials including solar panels, green roof, energy saving smart-tech and all-electric heating, as well as dedicated space for community use. This will provide a fantastic opportunity for Brighton’s young professionals to access this new dynamic way of living and working. At Maven we have significant experience of delivering similar high-end projects across the purpose-built student accommodation sector and are excited about the natural evolution into this attractive sub-sector of the residential market.”
Colin Anderson, Partner at Maven
“We’re thrilled to have Maven and Puma involved in phase one of our co-living urban village. How we live and work is changing. This building has been designed in response to that with location, people and community in mind. With state-of-the-art amenities, a huge co-working facility designed to suit a multitude of professions and our all-bills included rent model, we are creating a truly unique, attractive and affordable living option in one the best and most in-demand UK cities to live.”
Paul Brundell, CEO at Kosy Co Living