WeWork is edging closer to
launching its residential brand WeLive in London and is eyeing a number of
office blocks in the capital with the potential to be converted to co-living
units, Property Week understands.
Well-placed sources said the
company was assessing various sites in central London to take long leases and
convert space into flats for young professionals. It had not yet bid for any
properties but was able to move quickly if it found the right site, they said.
One source said the company was
likely to adopt the same model in London as it had with its two existing WeLive
schemes, which were launched in the US last year.
The schemes - in New York City
and Arlington County, Virginia - combine co-living units with the sort of
flexible office space the company provides in London. They offer a range of
units from studios to three-bedroom flats and residents can choose to stay for
as little as one night or for several months. Amenities include bars, event
spaces and communal kitchens.
WeWork’s determination to launch
a co-living site in London will be seen as a vote of confidence in the
burgeoning sector, which received another boost this week when new operator Fifth
State announced plans for 5,000 units within the next six years.
Last month, The Collective put its 323-flat scheme in Old Oak, west
London, up for sale - in what would be the first sale of its kind -
hoping to attract bids of more than £100m.
A WeWork spokesperson said:
“We’re always on the lookout for potential locations for a WeLive community in
the major markets where we operate.”