The surge in demand for high-end co-living accommodation has been underlined with two further complex openings in central London.
Gravity Coliving, one of Europe’s fastest growing property companies, revealed details about the two new buildings to PAD.
“Our Camden Lock complex is just a five-minute walk from Camden Town tube,” said Riccardo Tessaro.
“It offers luxury two bedroom, two bathroom apartments, featuring an open-plan kitchen and balcony with city views and high-end amenities.”
“All our rooms are in a fully furnished apartment and rates include utilities, council tax, high-speed wifi, perks and events.”
Next week Gravity unveil yet another city central complex,
Gravity Camden Town.
The building boasts fourteen fully furnished one, two and three bed apartments with an open-plan kitchen/living room, built-in cupboards and access to a spacious communal area and roof terrace.
Double rooms start at £280 per week, all-inclusive.
“We have noticed a sharp increase in demand from freelancers and businesses wanting to provide a healthy and productive environment for their employees wanting to work fully or partially remote,” said Riccardo Tessaro.
“A few months into the pandemic, after several virtual events with our members, we realised we had created something young professionals are craving, namely: community.
“Our existing members have felt connected, protected and safe during the difficult times.”
Google data shows that UK search traffic for ‘shared living’ trebled since March 16th, the UK lockdown date.
“People needed a sense of community so we decided to aggressively expand into new locations in London, securing two new buildings in Camden and effectively tripling the size of our portfolio in the capital.
“We are increasing the run rate by 240%.
“To date, we have raised £1m and are in the process of finalising terms for additional funding via a convertible loan note to facilitate our expansion.
“Seeders will be supporting the funding round by allowing qualified investors to participate via their crowdfunding platform.”
Tessaro pinpointed the surge in co-living as being fuelled by four factors:
Gravity Coliving members can stay for as little as two months with rolling contracts.
Engaging the community, including weekly events, enables members to feel like part of a family.
24/7 support. No more demanding or difficult relationships with landlords.
Monthly fee covers everything you need hassle free.
“Gravity Co-Living is really a catalyst for personal and professional development,” Riccardo Tessaro said.
“Both locally and globally, Gravity helps members fulfil their true potential, empowering communities and an engaging lifestyle.”
Every Gravity Coliving member has their own private space with access to wider social interaction on a daily basis, instant messaging with other members on the Gravity app and curated weekly social, wellness, fitness and professional events.
“With huge shifts in lifestyle for many, millennials are seeking more flexible contracts,” Riccaro Tessaro said.
“At Gravity, members can stay as little as two months and the average stay of members is six months.
“Co-working environments and access to knowledge, skills and professional network within the community is core.
“Gravity members have been working on launching their own businesses, utilising the skills of members to turn ideas into reality.
“Our focus on fitness and wellbeing has been found to reduce stress, combat fatigue and improve productivity.”
Gravity also offers regular professional cleaning, hi-speed wifi, utilities, council tax, fully furnished rooms, linen, towels and weekly events, this is all included in one easy-to-pay bill.
investment announcement in detail:
£525k – Run rate from first building opened in Finsbury Park late last year
Two new buildings in 2020
200% increase in beds from 2019
£1.8m run rate, including two new openings
242% annual run rate increase
30% renewal rate
“This investment represents a wider market trend and increased demand for flexible, community led living,” said Riccardo Tessaro.
“Co-living companies are reinventing the renting model to be focused around community, wellness and career progression.
“Gravity Co-living will integrate their two new buildings into an established global co-living community, with curated social, fitness, and wellness events program and partner services.”