Wallis Road Plans

Mitheridge and Halcyon join forces on Hackney Wick co-living development

Mitheridge Capital Management (Mitheridge) has completed the acquisition of 115-119 Wallis Road in central Hackney Wick, with the site – currently accommodating three warehouses – now set for major redevelopment.

Teaming up with London’s leading co-living developer, Halcyon Development Partners (Halcyon), plans are now being developed to deliver 339 best-in-class co-living units on the site, alongside employment floorspace, a new canal-side café restaurant and extensive public areas.

The 0.9-acre site is situated along the banks of the River Lea, minutes from both Victoria Park and Queen Elizabeth Olympic Park as well as Hackney Wick Overground Station. Co-living, with its focus on community and shared experiences, creates an opportunity to introduce a new residential population into the area, reinforcing Hackney’s Wick growing appeal as a vibrant community in which to live and work.

Mitheridge – an alternative investment firm with development and operational capabilities – have acquired the site into its second fund. Wallis Road also becomes the firm’s second dedicated co-living asset, with the other being a scheme targeting roughly 320 units in Loughborough Junction. Further prospective developments are also in the pipeline.

The site’s development manager, Halcyon has already delivered over 800 co-living units across three schemes in Harrow, Earlsfield and Battersea since the start of 2022.

“Wallis Road is a fantastically positioned site and a great opportunity to deliver much-needed housing within one of London’s most exciting communities. We’re excited to embark on this project with Halcyon, who have an excellent track record in the co-living sector,” said Daniel Rastegar, Investment Director at Mitheridge.

Neil MacLeod, Partner at Halcyon, said: “We are delighted to work with Mitheridge on this important site for Hackney Wick. Following closely on the back of the successful opening of Florence Dock in Battersea, we look forward to once again being able to demonstrate our commitment to delivering sustainable and impactful co-living developments.”

The debt associated with the transaction is provided by PineBridge Benson Elliot, a real estate private equity specialist. Mitheridge was advised by Patrick Curtis of Penryn Partners.

George MacKinnon, Managing Director at PineBridge Benson Elliot, added: “Co-living is an emerging asset class which provides much needed housing units in major cities such as London, where there is persistent high demand for affordable, quality living spaces. We are very pleased to support Mitheridge and Halcyon on this acquisition to gain exposure to this growing asset class.”

By providing flexible and high-quality housing, co-living is a solution with the potential to help solve London’s housing crisis, and one more affordable and accessible than many alternative rental options.

Co-living schemes in London have already proven immensely popular in recent years, with estimates putting the demand pool for co-living tenants at 515,000 and existing sites in the capital boasting occupancy rates of more than 95%.

About Mitheridge Capital Management

Mitheridge Capital Management is a London-based alternative investment firm, specialising in real estate. Founded in 2010, Mitheridge has an established track record of generating market-leading returns – delivering Living Sector solutions for a changing world.

Through the collective experience of its team, Mitheridge combines institutional discipline with creativity and a problem-solving approach. The leadership team captures expertise and experience that extends from an asset’s inception to its operation.

For more information

Please contact Luke Roberts (lroberts@nepean.co.uk / +44 7403 297251)

Investors

IR@mitheridge.com