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Co-Living is Coming to Manchester

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Chandos Hall in Manchester is making way for a co-living development where tenants will have their own bedrooms but share communal spaces.

The co-living approach is a somewhat controversial private-sector response to a perceived lack of affordable rental options in urban centres.

Supporters of this type of development suggest millennials prefer to live centrally and rent flexibly, whilst critics argue it is the corporate answer to flat sharing, with claims rooms are overpriced and too small.

The development that will replace the existing student accommodation at Chandos Hall is being built by iQ Student Accommodation, which is majority owned by Goldman Sachs, The Welcome Trust, a medical research charity and Greystar.
iQ Student Accommodation already owns schemes next to Chandos Hall and manages a portfolio of 23,900 beds across 56 sites.

The decision to build co-living schemes owes a lot to purpose-built student accommodation, as well as the habits and migratory patterns of graduates.

Documents submitted as part of the application said: "Recent graduates and young professionals who wish to live in modern, high quality, professionally managed accommodation in the centre of vibrant, international cities. This group is otherwise unable to afford to rent an apartment of their own and do not wish to live in shared suburban accommodation (largely HMO's). As explained later, their gross salaries typically fall in the £20,000 to £39,000 p.a. income bracket."

Elsewhere, the university is on the hunt for a partner to transform the old university campus next to the development into a £1.5bn innovation district.