Barry Glantz of The Studios24 believes he has proved beyond doubt that there is a growing demand for co-living developments outside London, with studios being rented by eager residents as soon as they are completed.
The Studios24 – an £11 million high quality residential development bringing the co-living concept to Wolverhampton for the first time – is attracting huge interest from potential residents keen to try co-living for the first time.
Director Barry, who recently agreed a £4.5 million finance package following completion of 93 rooms in phase one and the start of 72 rooms in phase two, is at the forefront of the growth of co-living outside the capital.
He is exploring co-living development opportunities in Midlands cities such as Birmingham, Coventry, Leicester and Nottingham, and further afield.
The Studios24, at Birch Street, will eventually have 201 en-suite studios, arranged as apartments, with shared facilities including kitchens, working and relaxation areas, a café and bar, gym, laundry and high speed internet.
Barry said: “When I first began discussing our plans with potential funders, there was a great deal of scepticism and some said it would never work. I’m very pleased and proud to say that we have proved beyond doubt that the model works, with all of our studios occupied and people waiting for the next phase to be released.
“I truly believe that co-living is where student accommodation was 20 years ago. There is institutional money going into new build student accommodation now. Young people and their parents are paying for it and they like it.
“Co-living is a very similar concept but it’s not reliant on students and universities. Wind forward 10 years and I believe co-living will have institutional money investing in it and we will be at the forefront of its development across the country.”
He added: “It’s been amazing to watch our dream of bringing co-living to Wolverhampton become an exciting reality. Now, we are close to completing phase two and moving on to phase three of the project, enabling us to offer more rooms to people looking for great value high quality accommodation.It’s fantastic to see local people and businesses really embrace the co-living concept – it offers a great lifestyle at a very affordable price.”
Around 40 new jobs have been created by the Wolverhampton development, which is breathing new life into a dilapidated 12-storey office building – the former HQ of Carillion - and helping to transform the neglected Westside area of the city. Completion is expected at the end of the year. Further rooms will be released on an ongoing basis, as floors of apartments are completed.
Co-living is a form of housing that combines private living space with shared communal facilities and is designed to encourage communal interaction and build community. At The Studios24, residents have their own en-suite studios in apartments of six, with shared kitchen and dining facilities. Rent includes energy bills, cleaning, council tax, superfast broadband, access to a café and bar, and a range of social events for residents and guests. For more information visit www.thestudios24.co.uk.