Landmark £88m forward funding deal for west London co-living scheme

7th February 2024

Bridges and HUB have agreed an £88m forward funding deal with Singapore-based CDL to deliver Yardhouse, our co-living scheme in west London.

Bridges, alongside long-time development partner HUB, is delighted to have signed an £88m forward funding deal with Singapore-based real estate developer City Developments Limited (CDL) to deliver Yardhouse, an innovative mixed tenure scheme in Wood Lane, west London.

The development will deliver 209 co-living homes alongside high-quality amenity spaces and two roof terraces, offering sweeping views across London. Through a unique partnership with Women’s Pioneer Housing (WPH), a specialist housing association, the project will also deliver 60 new high-quality affordable homes for single women, as well as a new head office for WPH.

This landmark forward funding agreement is a testament to the innovative nature of the scheme as an example of next-generation co-living. It is HUB and Bridges’ first co-living forward-fund deal, CDL’s first co-living scheme in the UK, and will be the first co-living scheme in the borough of Hammersmith and Fulham.

The strategic partnership between HUB, Bridges, and CDL aims to address the growing demand for innovative and sustainable housing solutions, particularly in urban centres. Within easy reach of Westfield, White City Place, Television Centre and Imperial College London’s campus, and with excellent transport links, the site is ideally located for co-living.

The project is the result of close collaboration with Hammersmith and Fulham Council, the local community and local business owners to bring forward a co-living and affordable housing scheme supported at all levels in the borough. It will replace 36 existing WPH homes and 300 sqm of office space, creating a vibrant and dynamic living environment that aligns with modern lifestyle preferences and better serves the needs of local people.

Simon Ringer, Bridges’ Head of Property, said: “This landmark deal reflects the strong demand in London for lower-cost, high-quality co-living space. We have worked extensively with the local community to make sure that Yardhouse caters to local needs – in line with our ongoing commitment to support best-in-class developments in needs-driven sectors. We can’t wait to see this pioneering scheme come to life.”

Damien Sharkey, Managing Director at HUB, said: “This forward funding deal – HUB’s 12th – will be instrumental to our delivery of this next gen co-living scheme. We’re thrilled to partner with CDL on its first co-living development in the UK, and move forward with the first project in our growing co-living pipeline. Not only does this further strengthen our commitment to innovative and inclusive housing solutions that meet the evolving needs of communities, but it reinforces our confidence in the resilience of the real estate market and the appeal of this emerging asset class.”

Tracey Downie, Chief Executive of Women’s Pioneer Housing, said: “I am really pleased that this milestone has been reached, and that this project, which will almost double the number of affordable homes on this site, is moving forward. Each home will be spacious and built to very high standards, significantly improving our offer to women locked out of the London housing market. Through this partnership with HUB and Bridges Fund Management we are committed to delivering an exemplar scheme and fostering a genuine community”.

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