Co-living homes could 'transform' the Square Mile

The City of London Corporation says co-living spaces can be a "more affordable" housing option in London

A new "co-living" development is set to be built opposite the Barbican Estate in central London.

Under plans approved by the City of London Corporation, the existing building at 45 Beech Street will be partially demolished and then extended to create 174 private rental units with communal cooking, dining and working areas.

While there is no specific affordable housing outlined in the proposals, the corporation said a sum of more than £8.5m would be provided by the developers "for off-site affordable housing".

The corporation said co-living properties were "typically let at more affordable rates" and provide alternative options to traditional affordable housing.

Almost 175 private rental units would be created under the plans, which the corporation said would "increase living accommodation choice"

In a statement, the corporation added the new development would also feature "sustainable" elements such as the ability to "connect to a nearby district heating network", and "climate change resilience" through "natural ventilation".

There will also be "scope for urban greening and biodiversity".

The current site, known as Murray House, is being used as an office building but the corporation said its planning committee believed the site was suitable for a co-living space as it is "surrounded by residential buildings".

It added the conversion would amount to "relatively small loss in office space to increase living accommodation choice for Londoners".

The chair of the corporation's planning committee said the scheme would help "transform the Square Mile into a thriving seven-day and evening destination"

Co-living properties were "typically let at more affordable rates than other forms of accommodation" and provide options for "those who either cannot afford, do not want to buy and may not qualify for, affordable housing," the corporation continued.

The chair of the corporation’s planning and transportation committee, Shravan Joshi, said redeveloping the building would help the City reach its net zero goals while "providing more accommodation for young people, as we continue to transform the Square Mile into a thriving seven-day and evening destination, for everyone".