11 Woodfield Road
18/03/2021 by Buildington

Global co-living operator and developer The Collective has completed the acquisition of a site in Westbourne Park after securing £28.5 million of capital from Cheyne Capital.

This is the third investment Cheyne has made into The Collective, having previously supported projects in Canary Wharf and Earlsfield.

Designed by Allford Hall Monaghan Morris (AHMM), The Collective Westbourne Park is set against 40 metres of canal frontage and includes 286 rooms.

The Collective and Cheyne Capital will shortly commence reviewing options for development finance to fund the construction stage of the project.

The Collective will transform the site into a new west London cultural destination with a publicly-accessible 16,000 sq ft waterside piazza featuring a local dining experience, street food vendors and farmers’ markets, and an inspiring programme of arts and culture-focused events.

Members of The Collective Westbourne Park will have access to shared spaces including a gym; wellness sanctuary with a pool, sauna and steam room; a cinema and a large community kitchen on the top floor with views across London.

The Collective Westbourne Park will also create a new performing arts space which will be available to use for free by local community groups including Paddington Arts. More than 12,000 sq ft of workspace designed for local entrepreneurs and makers will also be provided, with 20% of the space available at discounted rental levels.

Reza Merchant, founder and CEO of The Collective, commented: “In addition to allowing us to complete the acquisition of this incredible site, Cheyne Capital’s investment into The Collective Westbourne Park is a further endorsement of the institutional quality of the assets The Collective delivers and continued recognition of our model amongst investors.

“Our current operating portfolio has proven to be highly resilient throughout the pandemic, with demand underpinned by structural trends that have been accelerated by the pandemic including working from home and a rise in loneliness, giving us the confidence to bring forward game-changing developments like this one from our global pipeline.

“The Collective Westbourne Park will be a cultural destination for London built upon the foundations of local entrepreneurship and creativity that have historically made this neighbourhood so attractive and soulful. Our development will achieve the highest sustainability standards and our trademark Community Investment Programme will ensure the project has a transformational impact on the neighbourhood for many decades to come.”

Filippo Alessandria of Cheyne Capital added: “We like to work with world-class partners over the long-term whom we know can be relied on to deliver high-quality products. That we are now supporting our third co-living project with The Collective is proof that we have found such a partnership, and we are looking forward to continuing to work together on this exciting development.”

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