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. UOWN will be contributing a £650,000 development loan to this project, secured with an equitable charge. The projected return is 20%, which will be paid at the end of the 20 month term. Exit will be via refinance once the works are complete and the building has been occupied, this is projected for Q2 2024. Interest will continue to accrue at a rate of 1.25% per month to cover any delays to the payout.
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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