DTZ Investors Announces Launch of Sunday Mills in Earlsfield
DTZ Investors' co-living brand, Folk Co-living, on a mission to set a new standard for renting, has launched its second site in London, Sunday Mills in Earlsfield. The building, operated under the Folk Co-living brand by Urban Bubble, opened to residents at the end of October and has attracted unprecedented interest resulting in 50% of the units being leased before opening.
Set along the River Wandle, the building features 315 beautifully designed studios and impressive shared spaces like a roof terrace with 360-degree views of London, a huge co-working space, high spec community kitchen, a gym, cinema room, lounge and on-site restaurant and bar.
Folk buildings are designed around the brand’s key pillars of community and connection, encouraging social interaction and the formation of new friendships and relationships. The building, developed by Halcyon Development Partners, was funded through DTZ Investors specialist co-living investment vehicle, COLIV Fund I, and is the second Folk Co-living development in its growing portfolio.
Constructed by McAleer & Rushe, Sunday Mills features spaces designed by Assael Architecture and design partners Atypical Practice, who together have created spaces for residents to come together and cook, work, enjoy social events, exercise and relax. A restaurant overlooking the river will launch early next year, providing an exciting new food and drink destination for local residents and visitors to Earlsfield.
The site is just a four-minute walk to Earlsfield train station, where residents can jump on a train to central London in just fifteen minutes. Particularly attractive to London renters is the all inclusive bill. In a recent survey, over 80% of Folk residents said the convenience and cost savings of an all in one bill were what attracted them to move in. This includes access to all amenities, the weekly events programme, and covers all bills, removing the worry of rising living costs which many renters are facing in the current climate.
The socially responsible brand has reserved 35% of the studios as affordable housing, with studios starting from just £180 a week for renters who most need them, including 5 studios that are reserved for local young people who were previously in foster care. Folk buildings also commit 1% of net income to local charities and community partners. There has been a strong focus on sustainable design and construction to drive the building's efficiency and performance and the building is on target to achieve a BREEAM Excellent accreditation. This reflects the Fund’s ESG credentials, with COLIV recently awarded a 5* GRESB rating, scoring 97 out of 100 receiving further recognition as Global Sector Leader in residential development.
COLIV Investment Director Chris Saunders said, "We are really excited to launch Sunday Mills. It is a fantastic co-living building in a great location, so we haven’t been surprised by the phenomenal interest from prospective residents; it’s a testament to the quality of the product the Fund is looking to create and the strength of the Folk Co-living brand"
Dominic Butler, Partner at Halcyon Development Partners said: “I am thrilled to see the launch of Sunday Mills following another successful delivery by our team at Halcyon. I became first involved with this site in 2018. It was clear the site had the right credentials to create a vibrant co-living destination. After navigating the various land interests, I successfully led the acquisition process and transacted on the site in January 2019. The transformation of the site from an industrial storage yard to a game changing co-living building is breath taking and an achievement the team and I are hugely proud of.”
Folk launched The Palm House, Harrow earlier this year and has already successfully stabilised, achieving full occupancy within 6 months of practical completion. A third Folk Co-living building will launch in 2023; a 270 studio scheme in Battersea, with 31% onsite Affordable Housing.
DTZ Investors is currently capital raising to fund a future pipeline of opportunities. If you would like to know more, please get in touch with Chris Saunders.
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Sarah McClarron, DTZ Investors