West London Co-Living is a fantastic opportunity for UOWN investors to be a part of a £27 million hotel conversion. Changing a 107,500 sq ft existing hotel into a co-living complex comprising 295 beds and exceptional communal facilities.
This tranche will see UOWN contribute an additional £250,000 development loan to this project, secured with an equitable charge. The return for this project is 9% per annum which will be paid monthly - over the 20 month term this equates to a return of 15%. Exit will be via refinance once the works are complete and the building has been occupied, this is projected for Q2 2024.
The project is situated in Southall - an upcoming emerging area of London that is benefitting from the crossrail Elizabeth line. The improved transportation links coupled with relatively affordable accommodation present a robust business case for the proposed development. As usual, we have partnered with a strong operator that has a proven track record in the co-living space, this gives us confidence in being able to manage and maximise the income generated by the asset.
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